IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-26118-5_17.html
   My bibliography  Save this book chapter

Preliminaries to a Monetary Theory of Production: The Labour Theory of Value, Liquidity Preference and the Two Price Systems

In: Marxian Economics: A Reappraisal

Author

Listed:
  • L. Randall Wray

Abstract

This chapter is intended to provide a preliminary analysis of a component of a larger project whose goal is to develop a ‘monetary theory of production’. The focus here will be the appropriate theories of value to be adopted in the larger project. The foundations for a monetary theory of production can be found in the works of Karl Marx and John Maynard Keynes, while Michal Kalecki has also provided some insights that help synthesize the approaches of the former authors. While authors have found it useful to synthesize the works of Marx and Keynes, I believe Dudley Dillard was among the few who fully recognized the importance of the labour theory of value (LTV) for Keynes’ own approach to the monetary theory of production (Wray 1993a).

Suggested Citation

  • L. Randall Wray, 1998. "Preliminaries to a Monetary Theory of Production: The Labour Theory of Value, Liquidity Preference and the Two Price Systems," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 17, pages 286-300, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26118-5_17
    DOI: 10.1007/978-1-349-26118-5_17
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrew Trigg & Frederic Lee, 2005. "Pasinetti, Keynes and the multiplier," Review of Political Economy, Taylor & Francis Journals, vol. 17(1), pages 29-43.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-26118-5_17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.