The Determination of the â€œMonetary Expression of Labor Timeâ€ (â€œMELTâ€) in the Case of Non-Commodity Money
This paper suggests a way to determine the â€œmonetary expression of laborâ€ (the â€œMELTâ€) in todayâ€™s regime of inconvertible credit money, a way that is consistent with Marxâ€™s general theory of money and is quantitatively the same as Marxâ€™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 Marxâ€™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 Sarosâ€™s (2007) interpretation of the MELT in the case of inconvertible fiat money. JEL classification: B51, E11
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