value

Creative Industries, Value Theory and Michael Heinrich’s New Reading of Marx

This article utilises the new reading of Marx found in the work of Michael Heinrich to ana-lyse the creative industries. It considers the role played in the production of value by the labour that takes place in the sphere of …

Creative Industries, Value Theory and Michael Heinrich’s New Reading of Marx

A General Theory of Value and Money (Part 1: Foundations of an Axiomatic Theory)

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)

A revaluation of value? The politics of value between populism and pandemic

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

Unbridgeable: Why Political Economists Cannot Accept Capital as Power

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

Marx After Growth #1 An Introduction to Marx’s Critique

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 …

Marx After Growth #1 An Introduction to Marx’s Critique

Money

what the fuck is it Various monetary theories have suffered from the conscious or unconscious supposition that money is a quantity, and moreover that it more or less the same thing as currency, as the actual paper that a state can print (purportedly …

Money

THE WHOLE OF THE STORM MONEY, DEBT AND CRISIS IN THE CURRENT LONG DEPRESSION

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

Value, Fictitious Capital and Finance. The Timeless of Karl Marx’s Capital

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

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