The New Interpretation and the Value of Money

  • Makoto Itoh


This chapter examines the significance of the so-called new interpretation of Marx’s theory of transforming values into prices of production in the first section, as well as remaining related issues in the second section, focusing on the definitions of the value of money and the value of labour-power. Since an important shortcoming of the new interpretation is the absence of any theory of the exchange-value of money, we shall try to fill this gap in the subsequent sections. After assessing Moseley’s analysis of the value and exchange-value of commodity money in the third section as a corollary, the chapter examines the dynamic mechanism through business cycles to deter-mine the exchange-value of money commodity in the fourth section. The fifth section briefly explores what happens to the exchange-value of money in the regime of contemporary non-commodity money.


Total Profit Labour Time Commodity Product Surplus Labour Speculative Trading 
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© Makoto Itoh 2005

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  • Makoto Itoh

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