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A Continuation of the Debate over Money and Totality
Abstract
This paper is a reply to David Laibman's latest paper critical of my 2016 book Money and Totality: A Macro-Monetary Interpretation of Marx's Logic in Capital and the End of the “Transformation Problem.” This paper responds to the following points: did I misstate Laibman's position in my previous paper?; the logical priority of the production of surplus-value over the distribution of surplus-value (i.e., the prior determination of the total surplus-value); different starting points: quantities of money capital (Marx) vs. quantities of physical inputs and outputs (Sraffa); is Marx's theory “monetary”?; and (most importantly) is my interpretation of Marx's theory logically incoherent? I argue that Laibman's criticism of logical incoherence is based on the usual fundamental misinterpretation of Marx's transformation of values into prices of production—as a transformation from one set of micro prices (the values of individual commodities) to another set of micro prices (the prices of production of individual commodities). To the contrary, I argue that the logic of Marx's transformation is from macro total price to micro individual prices of production and that this macro-to-micro transformation is logically coherent, so there is no transformation problem in Marx's theory of prices of production.
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References
Laibman, David. 2018a. “Money and Totality: Another Round of Debate on Value Formation and Transformation.” World Review of Political Economy 9 (1): 21-40.
Laibman, David. 2018b. “Which Way Forward for Marxist Value Theory? A Rejoinder to Moseley.” World Review of Political Economy 9 (3): 410-419.
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Marx, K. (1867) 1977. Capital. Vol. 1. New York: Random House.
Marx, K. (1867-1868) 2012. “Ökonomische Manuskripte 1867-68.” In Marx/Engels Gesamtausbage, Section II, Vol. 4.3, 254-280. Berlin: Dietz.
Moseley, F. 2016. Money and Totality: A Macro-Monetary Interpretation of Marx's Logic in Capital and the End of the “Transformation Problem.” Leiden and Boston: Brill.
Moseley, F. 2018. “Which Way Forward: Marx's Theory or Sraffa's Theory? A Reply to Laibman.” World Review of Political Economy 9 (2): 148-163.
Steedman, I. 1977. Marx after Sraffa. London: New Left Books.