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Money and transformation in Marx

Author

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  • Ricardo Tolipan

    (Universidade Federal do Rio de Janeiro, IEI, FEA/UFRJ. Rio de Janeiro/RJ, Brasil.)

Abstract

The transformation problem is one of the basic features of the marxist discourseand of its critique of Classical economics. The Bortkiewicz solution to the error in the algebraicformulation of this problem involves strict specifications of the numéraire used to expressprices and values. This paper aims to show that these specifications not only do not contradictMarx’s monetary theory but really imply it once we abandon labour as the substancewhich determines value. The paper also suggests that money as the “general equivalent” is thetrue medium through which transformation is possible and should substitute for “labour” inexpressing the idea of a “social energy” which determines capitalistic exchange values. JEL Classification: B51; D46.

Suggested Citation

  • Ricardo Tolipan, 1983. "Money and transformation in Marx," Brazilian Journal of Political Economy, Center of Political Economy, vol. 3(3), pages 308-318, July.
    • Handle: RePEc:ekm:repojs:v:3:y:1983:i:3:id:96607
    DOI: 10.1590/0101-31571983-3043
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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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