This article sets out the foundatons of an axiomatc theory of value and money. Its purpose is to equip the public to explain the four facts that define the modern capitalist economy: the long-term post-war decline of the economies of …
A General Theory of Value and Money (Part 1: Foundations of an Axiomatic Theory)
Former Bank of England governor Mark Carney’s BBC Radio 4 Reith Lectures have restimulated interest in the topic of ‘value’. For Carney, the first decades of a century of crisis have been characterised by a continuing commitment to abstract ‘subjective’ …
A revaluation of value? The politics of value between populism and pandemic
Frederick Harry Pitts unterteilt sei Buch Value in sechs Abschnitte: 1) Wert als Substanz (Ricardo und der exoterische Marx). 2) Wert als Relation (der esoterische Marx und Heinrich). 3) Wert als Nutzen (Neoklassik). 4) Wert und Institutionen (Bichler/Nitzan). 5) Wert …
The theory of capital as power (CasP) is radically different from conventional political economy. In the conventional view, mainstream as well as heterodox, capital is seen a ‘real’ economic entity engaged in the production of goods and services, and capitalism …
Unbridgeable: Why Political Economists Cannot Accept Capital as Power
The Esoteric Marx This second lecture picks up on some key points from the first lecture to explore the ‘esoteric’ Marx, a subterranean current of Marxian thought distinct from the ‘exoteric’ Marx of the workers’ movement. I therefore want to …
This four-part lecture series asks what the Marxian critique of political economy can tell us about the twenty-first century, an historical moment marked by deindustrialization, economic stagnation, growing labour superfluity, and a political landscape in which the figure of the …
An Essay on Value, Crises and the Capitalist Mode of Production John Milios, Dimitri Dimoulis, George Economakis Marx’s Critique of Political Economy constitutes not a “correction” of Classical Political Economy’s “mistakes” or “misunderstandings”, but the formation of a new theoretical …
This paper establishes, and illustrates for the case of the UK, a temporal method for calculating the labour values of outputs from any process or sector of a market economy. It exhibits the temporal calculation of the Monetary Equivalent of …
This article investigates the mechanisms and causes of recessions and depressions, and their relation to the more spectacular financial crises which announce them. It demonstrates how the concept of the Monetary Expression of Labour Time (MELT) allows us to understand …
THE WHOLE OF THE STORM MONEY, DEBT AND CRISIS IN THE CURRENT LONG DEPRESSION
Karl Marx is not a proponent of classical value theory as labour expended. Marx developed in Capital and his other mature economic writings a monetary theory of value and capital.2 He analysed value as an expression of relations exclusively characteristic …
Value, Fictitious Capital and Finance. The Timeless of Karl Marx’s Capital
Planning and Anarchy Central planning?! Computers can do it!!! Among the intuitions animating the contemporary left, we must rank rather high the felt sense that powerful new computing technologies now offer a solution to problems of calculation previously insuperable for …
