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The Determination of the Monetary Expression of Concrete Labor Time under the Inconvertible Credit Money System

Author

Listed:
  • Dong-Min Rieu

    (Chungnam National University, Republic of Korea)

  • Keonbeom Lee

    (Hanshin University, Republic of Korea)

  • Hyeon-Hyo Ahn

    (Daegu University, Republic of Korea)

Abstract

This paper tries to answer the important question: how is the “monetary expression of labor time†(MELT) determined under the inconvertible credit money system? We provide a clear definition of the inconvertible credit money system by differentiating four monetary regimes. It is argued that the dynamic between changes in the quantity of money and prices should be explained on a sectoral level. A key element in explaining this dynamic is found in the decomposition of the MELT into the “monetary expression of value†(MEV) and the “value expression of labor time†(VELT). In so doing, Marxian value theory is shown to supersede the quantity theory of money because it can explain not only the general price level, but individual prices as well.

Suggested Citation

  • Dong-Min Rieu & Keonbeom Lee & Hyeon-Hyo Ahn, 2014. "The Determination of the Monetary Expression of Concrete Labor Time under the Inconvertible Credit Money System," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(2), pages 190-198, June.
    • Handle: RePEc:sae:reorpe:v:46:y:2014:i:2:p:190-198
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    Citations

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    Cited by:

    1. Andrea Ricci, 2016. "Unequal Exchange in International Trade:A General Model," Working Papers 1605, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    2. Andrea Ricci, 2016. "Metamorphoses of Value.The Concept of a Commodity in Marx’s Capital," Working Papers 1609, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    3. Dong–Min Rieu & Hyun Woong Park, 2018. "Unproductive Activities and the Rate of Surplus Value at the Industry Level in Korea, 1995–2015," UMASS Amherst Economics Working Papers 2018-07, University of Massachusetts Amherst, Department of Economics.

    More about this item

    Keywords

    Marxian value theory; the “new interpretation†; inconvertible credit money; monetary expression of labor time;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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