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Marx in the matrix. L?algebra del "lavoro vivo"

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  • Marco Passarella

Abstract

Marx in the matrix. L?algebra del "lavoro vivo" - This paper provides a general overview on the recent interpretations of Marx?s analysis of value, money and income distribution. The paper is organized as follows. Section 1 introduces the original Marxian formulation of labour theory of value, as it is outlined in the first volume of Capital. Section 2 reproposes the ?transformation of values into production prices?, as it is developed in the third volume. Section 3 discusses the still open issues around Marx?s transformation procedure. Sections 4 and 5 provide an outline on the so called ?Single-System Labour Theory of Value? (SS-LTV), autonomously elaborated by Foley and Dum?nil since the first half of 1980s. Such an innovative approach represents a macroeconomic monetary interpretation of Marx?s analysis, founded on the rediscovery of the ?living labour? concept. Finally, section 6 leaves behind the long-run analysis implied in the SS-LTV, in order to consider the effects of a change in the general price level (disregarding wage-earners expectations) on surplus rate.

Suggested Citation

  • Marco Passarella, 2009. "Marx in the matrix. L?algebra del "lavoro vivo"," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 0(2), pages 31-48.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2009-002002
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    Keywords

    Marxian economics; theory of value; transformation problem; value of money.;
    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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