The Price-Form as a Fractional Reflection of the Aggregate Value of Commodities

The new interpretation of the labor theory of value has raised awareness among Marxist economists that the value of money must be incorporated in a coherent manner into any solution that is proposed to the long-standing transformation problem. The author proposes a fiat money form of value that extends Marx's theory of money and offers a new approach to the transformation procedure based on a reinterpretation of socially necessary abstract labor time.

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Year of publication:	2007
Authors:	Saros, Daniel E.
Published in:	Review of Radical Political Economics. - Union for Radical Political Economics. - Vol. 39.2007, 3, p. 407-415
Publisher:	Union for Radical Political Economics
Subject:	fiat money \| price-form \| socially necessary \| monetary expression of labor time

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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