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The Price-Form as a Fractional Reflection of the Aggregate Value of Commodities

Author

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  • Daniel E. Saros

    (Department of Economics, Valparaiso University; e-mail: dan.saros@valpo.edu)

Abstract

The new interpretation of the labor theory of value has raised awareness among Marxist economists that the value of money must be incorporated in a coherent manner into any solution that is proposed to the long-standing transformation problem. The author proposes a fiat money form of value that extends Marx's theory of money and offers a new approach to the transformation procedure based on a reinterpretation of socially necessary abstract labor time.

Suggested Citation

  • Daniel E. Saros, 2007. "The Price-Form as a Fractional Reflection of the Aggregate Value of Commodities," Review of Radical Political Economics, Union for Radical Political Economics, vol. 39(3), pages 407-415, September.
    • Handle: RePEc:sae:reorpe:v:39:y:2007:i:3:p:407-415
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