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A critical note on Moseley's "Macromonetary" interpretation of Marx's theory

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  • Fabio Ravagnani

Abstract

This note critically evaluates the ‘macro-monetary’ interpretation of Marx’s theory presented by Moseley (2000) in opposition to the traditional view rooted in the early work of Bortkiewicz. The first part argues that the textual evidence from Capital sharply contrasts with the basic premise of Moseley’s interpretation, i.e. the claim that the inputs of constant capital and variable capital enter directly into Marx’s theory as given sums of money. The second part shows that the theoretical construction Moseley attributes to Marx is subject to severe analytical limitations. It is accordingly concluded that Moseley’s contribution does not seriously challenge the traditional view of Marx.

Suggested Citation

  • Fabio Ravagnani, 2002. "A critical note on Moseley's "Macromonetary" interpretation of Marx's theory," Working Papers in Public Economics 63, Department of Economics and Law, Sapienza University of Roma.
    • Handle: RePEc:sap:wpaper:wp63
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    References listed on IDEAS

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    1. Bortkiewicz L. v., 1907. "Zur Berichtigung der grundlegenden theoretischen Konstruktion von Marx im dritten Band des „Kapital"," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 89(1), pages 319-335, February.
    2. Pierangelo Garegnani, 2024. "Value and Distribution in the Classical Economists and Marx," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 305-340, Springer.
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    More about this item

    Keywords

    Marx; Transformation problem.;

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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