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A theory of capital as value in progress

  • Cavalieri, Duccio

This is a paper on the theory of capital. It deals with the role of capital in a cost-of-production theory of value in which both labour and capital are directly productive. The guidelines of an analytical method are proposed. Marx’s ‘monetary expression of abstract labour-value’ (MEV) is used as price-index. It is preferred to the ‘monetary expression of labour time’ (MELT), exclusively focused on living labour, suggested by some neo-Marxist scholars during the ’New Value Controversy’. The author, a critical Marxist, develops the trace provided by Marx in his Grundrisse ’Fragment on Machines’, where he pointed out the need to abandon the labour theory of value and to rely on a broader labour-and-capital monetary theoretical construction. Due attention is paid in this essay to the time and money dimensions of capital and to the roles of both real and financial capital.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47197.

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Date of creation: May 2013
Date of revision:
Handle: RePEc:pra:mprapa:47197
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  1. Duccio Cavalieri, 2009. "Sull'inseparabilità delle strutture sintattiche nell'analisi classica del valore e della distribuzione," STUDI ECONOMICI, FrancoAngeli Editore, vol. 0(97), pages 5-46.
  2. Cavalieri, Duccio, 2009. "Sull'inseparabilità delle strutture sintattiche nell'analisi classica del valore e della distribuzione
    [On the inseparability of synctactic structures in classical analysis of value and distributio
    ," MPRA Paper 57896, University Library of Munich, Germany.
  3. repec:pra:mprapa:44127 is not listed on IDEAS
  4. 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.
  5. Cavalieri, Duccio, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," MPRA Paper 43738, University Library of Munich, Germany.
  6. repec:oup:restud:v:37:y:1970:i:3:p:439 is not listed on IDEAS
  7. Dong-Min Rieu, 2008. "Estimating Sectoral Rates Of Surplus Value: Methodological Issues," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 557-573, November.
  8. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Oxford University Press, vol. 37(3), pages 407-436.
  9. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  10. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
  11. repec:oup:restud:v:37:y:1970:i:3:p:407-36 is not listed on IDEAS
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