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The Determination of the “Monetary Expression of Labor Time†(“MELT†) in the Case of Non-Commodity Money

Author

Listed:
  • Fred Moseley

    (Mount Holyoke College, S. Hadley, MA, fmoseley@mtholyoke.edu)

Abstract

This paper suggests a way to determine the “monetary expression of labor†(the “MELT†) in today’s regime of inconvertible credit money, a way that is consistent with Marx’s general theory of money and is quantitatively the same as Marx’s determination of the MELT in the case of the inconvertible fiat money of his time. In order to explain this method of determination of the MELT in the case of modern inconvertible credit money, the paper first reviews Marx’s determination of the MELT in the case of commodity money and in the case of the inconvertible fiat money of his time. The final section of the paper discusses the similarities and the differences between my interpretation and Saros’s (2007) interpretation of the MELT in the case of inconvertible fiat money. JEL classification: B51, E11

Suggested Citation

  • Fred Moseley, 2011. "The Determination of the “Monetary Expression of Labor Time†(“MELT†) in the Case of Non-Commodity Money," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(1), pages 95-105, March.
  • Handle: RePEc:sae:reorpe:v:43:y:2011:i:1:p:95-105
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    Cited by:

    1. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    2. Andrea Ricci, 2016. "Unequal Exchange in International Trade:A General Model," Working Papers 1605, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    3. Andrea Ricci, 2016. "Metamorphoses of Value.The Concept of a Commodity in Marx’s Capital," Working Papers 1609, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.

    More about this item

    Keywords

    commodity money; fiat money; credit money; monetary expression of labor time;

    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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