Journal title STORIA DEL PENSIERO ECONOMICO
Author/s Marco Passarella
Publishing Year 2009 Issue 2009/2 Language Italian
Pages 18 P. 31-48 File size 1254 KB
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This paper provides a general overview on the recent interpretations of Marx’s analysis of value, money and income distribution. The paper is organized as follows. Section 1 introduces the original Marxian formulation of labour theory of value, as it is outlined in the first volume of Capital. Section 2 reproposes the ‘transformation of values into production prices’, as it is developed in the third volume. Section 3 discusses the still open issues around Marx’s transformation procedure. Sections 4 and 5 provide an outline on the so called ‘Single-System Labour Theory of Value’ (SS-LTV), autonomously elaborated by Foley and Duménil since the first half of 1980s. Such an innovative approach represents a macroeconomic monetary interpretation of Marx’s analysis, founded on the rediscovery of the ‘living labour’ concept. Finally, section 6 leaves behind the long-run analysis implied in the SS-LTV, in order to consider the effects of a change in the general price level (disregarding wage-earners expectations) on surplus rate.
Keywords: Marxian economics; theory of value; transformation problem; value of money.
Jel codes: B51; E11.
Marco Passarella, Marx in the matrix. L’algebra del "lavoro vivo" in "STORIA DEL PENSIERO ECONOMICO" 2/2009, pp 31-48, DOI: 10.3280/SPE2009-002002