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Money and Totality: Another Round of Debate on Value Formation and Transformation
Abstract
Fred Moseley's Money and Totality (2016) presents the author's “macro-monetary interpretation” of Marx's value theory, with particular reference to the transformation of value into price of production in Capital, Volume III. This theory, while trying to be faithful to Marx's texts, accomplishes this by means of a logically indefensible claim, which, if it came to be seen as representing Marx's work as such, would contribute to sidelining and disconfirming the Marxist tradition. Review of the long-standing “transformation problem” debate, in the light of Moseley's contribution, in non-technical terms, suggests that the way forward is to avoid text-based orthodox defenses of Marx in favor of re-working his core insights, building on the accomplishments of Marxist theory in the 20th century, and using the tools and methods of modern economic theory and social science wherever possible.
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References
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