Money and Totality: Another Round of Debate on Value Formation and Transformation

Abstract

Fred Moseley's Money and Totality (2016) presents the author's “macro-monetary interpretation” of Marx's value theory, with particular reference to the transformation of value into price of production in Capital , Volume III. This theory, while trying to be faithful to Marx's texts, accomplishes this by means of a logically indefensible claim, which, if it came to be seen as representing Marx's work as such, would contribute to sidelining and disconfirming the Marxist tradition. Review of the long-standing “transformation problem” debate, in the light of Moseley's contribution, in non-technical terms, suggests that the way forward is to avoid text-based orthodox defenses of Marx in favor of re-working his core insights, building on the accomplishments of Marxist theory in the 20th century, and using the tools and methods of modern economic theory and social science wherever possible.