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Value, Prices and Money. Comparing Marx and Menger

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  • Nenovsky, Nikolay
  • Karpouzanov, Momtchil

Abstract

Both Marx and Menger are the originators of two vivid and highly recognisable schools of economic thought with long-lasting marks. Despite somehow simplistic reductions which lead to opposing them, their differences do not summarise the whole extent of their analysis. Without underestimating those discrepancies, a number of similarities can be put forward. When it comes to the very heart of their analysis, namely their theories of value, common philosophical sources, parallel paths of inquiry and comparable methodologies can be made more salient. The causal links they establish between value, prices and money appear to be in both cases fundamental for the rest of their intellectual constructions. An interpretation of their value theories is attempted along their common distinction between use and exchange value with respect to its subjective and objective dimension.

Suggested Citation

  • Nenovsky, Nikolay & Karpouzanov, Momtchil, 2010. "Value, Prices and Money. Comparing Marx and Menger," MPRA Paper 62040, University Library of Munich, Germany, revised 2012.
    • Handle: RePEc:pra:mprapa:62040
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    References listed on IDEAS

    as
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    3. Wieser, Friedrich, 1890. "The Austrian School and the Theory of Value," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 1.
    4. Hoon Hong, 2002. "Marx's value forms and Hayek's rules: a reinterpretation in the light of the dichotomy between physis and nomos," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(5), pages 613-635, September.
    5. Hong, Hoon, 2000. "Marx and Menger on Value: As Many Similarities as Differences," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(1), pages 87-105, January.
    6. Menger, Carl, 1892. "On the Origins of Money," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 2, pages 239-255.
    7. 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

    Value theory; Marx; Menger;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals

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