peterc

I am pondering the legitimacy or otherwise of Marx’s claim that labor is the sole source of value in capitalist commodity production. It is not clear that such a claim can be proved. Sometimes it is simply presented as an…

In recent parts of the series, we have been considering the temporal single-system interpretation (TSSI) of Marx’s theory of value. We have considered how, in the TSSI, the values of constant capital and variable capital depend upon the prices that…

The previous post introduced the temporal single-system interpretation (TSSI) of Marx. It was seen that, under this interpretation, Marx’s three aggregate equalities all hold. It was noted that the same can be said for other single-system interpretations. As long as…

Differences in interpreting Marx, as we have seen, tend to come down to three key questions. The first concerns how the value of labor power is understood. This will affect the treatment of variable capital. Is its value determined by…

So far, the intention has been to give a sense of the relevance and accessibility of Marx’s macroeconomic ideas. Rather than jump straight into his theory, with what might appear to be strangely named variables and foreign concepts, it seemed…

The first post in this series distinguished between three types of macro measures: ‘monetary’, ‘real use-value’ and ‘real labor-time’ magnitudes. Under simplifying assumptions, the post spelled out basic connections between these different kinds of variables. The same assumptions are retained…

I am interested in exploring what seems to be a basic compatibility between MMT (Modern Monetary Theory) and Marx. Compatibility of two theories, of course, does not require agreement, and there is no suggestion that either MMT proponents or Marxists…

Tom O’Brien conducted an excellent interview with Mathew Forstater in November 2012 on the topic of Marx and Modern Monetary Theory (MMT). The first half of the interview focuses on Marx, particularly in relation to primitive accumulation and fiat currency…

One way to conceive of money is as an IOU (“I owe you”) that is denominated in a nation’s unit of account and deemed acceptable by somebody other than its issuer. Anyone can attempt to issue an IOU. The difficulty,…