Melting Some Marx Into MMT

In thinking about the relationship between Marx and Modern Monetary Theory (MMT), one point of entry appears to be the ‘monetary expression of labor time’ (MELT), introduced by Alejandro Ramos Martinez in chapter 5 of The New Value Controversy, in connection with MMT’s ‘value of the currency’. In considering this connection, the ‘temporal single-system interpretation’ (TSSI) of Marx’s theory of value shall be adopted. Chief proponents of this interpretation include Andrew Kliman and Alan Freeman. For readers unfamiliar with Marx, an earlier post provides an overview. Another post provides an introduction to the TSSI.

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