Money and totality: a macro-monetary interpretation of Marx's logic in Capital and the end of the 'transformation problem' - Fred Moseley

Presents a comprehensive new 'macro-monetary' interpretation of Marx’s logical method in Capital, based on substantial textual evidence.

Submitted by Craftwork on September 1, 2016

Emphasises two main points: (1) Marx’s theory is primarily a macroeconomic theory of the total surplus-value produced in the economy as a whole; (2) Marx’s theory is a monetary theory from beginning to end and the circuit of money capital – M-C-M’ – is the logical framework of Marx’s theory. It follows from 'macro-monetary' interpretation that, contrary to the prevailing view, there is no 'transformation problem' in Marx’s theory; i.e., Marx did not 'fail to transform the inputs of constant capital and variable capital' in his theory of prices of production in Part 2 of Volume III.