publication . Research . 2002

Money, interest and capital accumulation in Karl Marx's economies: a monetary interpretation

Hein, Eckhard;
Open Access
  • Published: 01 Jan 2002
  • Publisher: DEU
Abstract
"Starting from Schumpeter's important distinction between 'real analysis' and 'monetary analysis', in this paper it is shown that major elements of Marx's economic theory fall in the camp of monetary analysis and the implications for Marx's theory of capital accumulation are derived. First, Marx's theory of labour value has to be considered a 'monetary theory of value' because 'abstract labour' as the social substance of value cannot be measured without a social standard of value. Money as a social representative of value, therefore, is introduced at the very beginning of Marx's microeconomics. Marx's rejection of Ricardo's interpretation of Say's Law requires t...
Subjects
free text keywords: Wirtschaft, Economics, money; interest; capital accumulation; Marx's economics; B14; B24; E11, National Economy, Political Economy, Volkswirtschaftslehre, Volkswirtschaftstheorie, Profit, Marx, K., Kredit, Preisniveau, Geldtheorie, Marxismus, Keynesianismus, Geld, Ökonomie, ökonomische Theorie, Zins, Akkumulation, Kapital, credit, capital, monetary theory, price level, interest (on money), money, economic theory, Keynesianism, Marxism, economy, accumulation, profit, theory formation, theory application, basic research, Grundlagenforschung, Theorieanwendung, Theoriebildung, ddc:330
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