IDEAS home Printed from https://ideas.repec.org/a/sae/reorpe/v46y2014i2p190-198.html
   My bibliography  Save this article

The Determination of the Monetary Expression of Concrete Labor Time under the Inconvertible Credit Money System

Author

Listed:
  • Dong-Min Rieu

    (Chungnam National University, Republic of Korea)

  • Keonbeom Lee

    (Hanshin University, Republic of Korea)

  • Hyeon-Hyo Ahn

    (Daegu University, Republic of Korea)

Abstract

This paper tries to answer the important question: how is the “monetary expression of labor time†(MELT) determined under the inconvertible credit money system? We provide a clear definition of the inconvertible credit money system by differentiating four monetary regimes. It is argued that the dynamic between changes in the quantity of money and prices should be explained on a sectoral level. A key element in explaining this dynamic is found in the decomposition of the MELT into the “monetary expression of value†(MEV) and the “value expression of labor time†(VELT). In so doing, Marxian value theory is shown to supersede the quantity theory of money because it can explain not only the general price level, but individual prices as well.

Suggested Citation

  • Dong-Min Rieu & Keonbeom Lee & Hyeon-Hyo Ahn, 2014. "The Determination of the Monetary Expression of Concrete Labor Time under the Inconvertible Credit Money System," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(2), pages 190-198, June.
  • Handle: RePEc:sae:reorpe:v:46:y:2014:i:2:p:190-198
    as

    Download full text from publisher

    File URL: http://rrp.sagepub.com/content/46/2/190.abstract
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.
    3. Dong–Min Rieu & Hyun Woong Park, 2018. "Unproductive Activities and the Rate of Surplus Value at the Industry Level in Korea, 1995–2015," UMASS Amherst Economics Working Papers 2018-07, University of Massachusetts Amherst, Department of Economics.

    More about this item

    Keywords

    Marxian value theory; the “new interpretation†; inconvertible credit money; monetary expression of labor time;
    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:reorpe:v:46:y:2014:i:2:p:190-198. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: http://www.urpe.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.