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Marx, Say’s Law and Commodity Money

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  • Andrew B Trigg

Abstract

Under Marx’s critique of Say’s Law, as originally devised by Say and James Mill, money hoarding leads to a shortfall in aggregate demand. This paper responds to a Post Keynesian argument that hoarding does not restrict aggregate demand since for Marx money consists of a produced commodity, and hoarding is just one form of commodity demand. Drawing on Marx’s monetary writings, a new monetary equilibrium is suggested in which produced gold is used to replace wear and tear in circulation. An alternative critique of Say’s Law is thus proposed as a contribution to understanding the complexity of Marx’s monetary foundations.

Suggested Citation

  • Andrew B Trigg, 2020. "Marx, Say’s Law and Commodity Money," Contributions to Political Economy, Cambridge Political Economy Society, vol. 39(1), pages 23-41.
    • Handle: RePEc:oup:copoec:v:39:y:2020:i:1:p:23-41.
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    File URL: http://hdl.handle.net/10.1093/cpe/bzaa005
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