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Towards an integrated theory of value, capital and money

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  • Cavalieri, Duccio

Abstract

This is an analysis of the present state of the theory of capital. The paper contains a proposal to reformulate this theory in an ‘late-Marxian’ up-to-dated perspective. The central problem discussed is the integration of the theories of value and capital with those of money and finance. An augmented cost-of-production theory of value is advocated. Special attention is focused on the role of Marx’s ‘monetary expression of labour value’ (MEV), rediscovered and unduly modified by neo-Marxists with the purpose to make it compatible with Marx’s labour theory of value. JEL Codes: B12, D46, E11.

Suggested Citation

  • Cavalieri, Duccio, 2014. "Towards an integrated theory of value, capital and money," MPRA Paper 58198, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:58198
    as

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    File URL: https://mpra.ub.uni-muenchen.de/58198/1/MPRA_paper_58198.pdf
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    References listed on IDEAS

    as
    1. Duccio Cavalieri, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 12(3), pages 51-83.
    2. Thomas I. Palley, 2015. "Money, Fiscal Policy, and Interest Rates: A Critique of Modern Monetary Theory," Review of Political Economy, Taylor & Francis Journals, vol. 27(1), pages 1-23, January.
    3. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    4. L. Randall Wray, 2015. "Modern Money Theory," Palgrave Macmillan Books, Palgrave Macmillan, edition 2, number 978-1-137-53992-2.
    5. Duccio Cavalieri, 2009. "Sull'inseparabilit? delle strutture sintattiche nell'analisi classica del valore e della distribuzione," STUDI ECONOMICI, FrancoAngeli Editore, vol. 0(97), pages 5-46.
    6. repec:pra:mprapa:44127 is not listed on IDEAS
    7. Freeman, Alan & Kliman, Andrew, 2008. "Simultaneous Valuation vs. the Exploitation Theory of Profit: A summing up," MPRA Paper 6891, University Library of Munich, Germany.
    8. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    value; labour; capital; money; critical Marxism; MEV; MELT.;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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