Re: [OPE-L] What is most important in Marx's theory?

From: Ian Wright (wrighti@ACM.ORG)
Date: Tue Mar 13 2007 - 19:14:55 EDT

Hi Riccardo

I note your points about Sraffa.

> My problem really is that it does not explain, amongst other things,
> from where money comes into the system.

> Yes, but I think that may be one can model a closure on the side of
> real distribution of income.

In the special case of self-reproducing equilibrium your two remarks
are related I think. Assume non-commodity money. If the real
distribution of income is considered given data then we can
- calculate the money-capital required to initiate the period of production
- derive the equality that the rate of profit is the price of money-capital
Because there is no technical change, and reproduction continues
undisturbed, there is no need for money to enter the system, it is
simply conserved. So in this special case there is no need to explain
where the money comes from.

In Marx's theory price is a necessary form of value. But, as far as I
can tell, he doesn't ask the question: what labour-time might the
price of money-capital refer to? In your approach, do you tackle this

Please reply only if you have the time and inclination.


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