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A Model of the Monetary Expression of Labor Time with Non-commodity Money

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  • C. Lin

Abstract

Following the commodity-money system that prevailed at the time of his research, Marx assumed the monetary expression of labor time (MELT) to be fixed. This assumption cannot hold in the contemporary regime of non-commodity money. It is essential to resolve the question of how the MELT is determined in a system of non-commodity money. The expression is the ratio of the total paper money circulating in the economy, less all paper money advanced on constant capital, to the total number of socially necessary labor hours exerted in the economy. Expressed algebraically, m = (Mv − C)/L. This model differs from those proposed by Moseley; Saros; Rieu, Lee, and Ahn; and Foley. JEL Classification : B51, E11

Suggested Citation

  • C. Lin, 2023. "A Model of the Monetary Expression of Labor Time with Non-commodity Money," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 490-502, September.
    • Handle: RePEc:sae:reorpe:v:55:y:2023:i:3:p:490-502
    DOI: 10.1177/04866134221140542
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    References listed on IDEAS

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    1. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
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    More about this item

    Keywords

    monetary expression of labor time; non-commodity money; gold standard;
    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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