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Marxists on Money, Value and Labour-Power: A Response

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  • Williams, Michael

Abstract

By adopting a monetary approach with no reference to any substratum of value substance preexisting monetary exchange, the key to capitalism's form-determined interconnectedness is revealed. The concrete existence of the value-form is in money--in a ll its contingent physical manifestations. Valorization is founded in t he peculiarities of the wage relation, such that labor-power is not a commodity but a universal capacity created outside the capitalist labor-process and, therefore, potentially the sole necessary factor of valorization. This potential is grounded in successful entrepreneuri al behavior, ensuring that value-added is not exhausted by labor costs. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Williams, Michael, 1992. "Marxists on Money, Value and Labour-Power: A Response," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 16(4), pages 439-445, December.
    • Handle: RePEc:oup:cambje:v:16:y:1992:i:4:p:439-45
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    Cited by:

    1. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    2. Hein, Eckhard, 2004. "Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics," MPRA Paper 18608, University Library of Munich, Germany.
    3. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, University Library of Munich, Germany.
    4. Hein, Eckhard, 2002. "Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation," WSI Working Papers 102, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    5. Stefano Perri, 2003. "The Counterfactual Method of Marx's Theory of Surplus," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 107-124.

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