A critical note on Moseley's "Macromonetary" interpretation of Marx's theory

Fabio Ravagnani

No 63, Working Papers in Public Economics from Department of Economics and Law, Sapienza University of Roma

Abstract: This note critically evaluates the ‘macro-monetary’ interpretation of Marx’s theory presented by Moseley (2000) in opposition to the traditional view rooted in the early work of Bortkiewicz. The first part argues that the textual evidence from Capital sharply contrasts with the basic premise of Moseley’s interpretation, i.e. the claim that the inputs of constant capital and variable capital enter directly into Marx’s theory as given sums of money. The second part shows that the theoretical construction Moseley attributes to Marx is subject to severe analytical limitations. It is accordingly concluded that Moseley’s contribution does not seriously challenge the traditional view of Marx.

Keywords: Marx; Transformation problem. (search for similar items in EconPapers)
JEL-codes: D46 E11 (search for similar items in EconPapers)
Pages: 25
Date: 2002-02
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