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Money, Labour and Logic: A Critical Comparison

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  • Freeman, Alan

Abstract

This is a prepublication version of ‘Money, Labor, and Logic: A critical comparison’, published in Critique of Political Economy. Please cite as Freeman, A. 2011. ‘Money, Labor, and Logic: A critical comparison’, Critique of Political Economy No. 1. 152-175. The article seeks to promote a scholarly debate between the temporal single-system interpretation of Marx and the Value-Form school. Since they both recognize the standards required of constructive debate and seek a proper understanding of Marx’s actual theory, such a debate promises to be productive. Michael Heinrich’s argument, representative of the Value-Form school, is that Marx’s derivation of abstract labor, value, and money is “ambivalent” and should be replaced by superior derivations of these categories. I argue that the Value-Form school’s proposed replacements exhibit a tendency to eliminate contradiction from value theory. In particular, the idea that the labor in a commodity is abstract only after the commodity is sold gives rise to a quietist tendency. It confuses successful sale with the formation of a price. This stems from an ambivalence attitude towards general equilibrium theory, leading to an underestimation of the devastating effect of von Bortkiewicz’s rewriting of Marx.

Suggested Citation

  • Freeman, Alan, 2007. "Money, Labour and Logic: A Critical Comparison," MPRA Paper 48625, University Library of Munich, Germany, revised 08 Aug 2011.
    • Handle: RePEc:pra:mprapa:48625
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    References listed on IDEAS

    as
    1. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    2. Christopher J. Arthur, 2005. "Value and Money," Palgrave Macmillan Books, in: Fred Moseley (ed.), Marx’s Theory of Money, chapter 7, pages 111-123, Palgrave Macmillan.
    3. Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
    4. Kliman, Andrew & Freeman, Alan, 2006. "Replicating Marx: a Reply to Mohun," MPRA Paper 6890, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Value Form; Value Theory; Marx; Economics;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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