Tag Archives: Marx’s theory of value

When Marx’s theory of value is interpreted in a simultaneist way, it is relatively easy to calculate the ‘monetary expression of labor time’ (or MELT)....  There is an additional complication when it comes to measuring the temporal MELT. The temporal MELT is the appropriate measure if Marx’s theory of value is interpreted in a temporal way (as in the ‘temporal single-system interpretation’ or TSSI).... Wonkish. heteconomistOn Estimating the Monetary Expression of Labor Time in a Temporal...

In fact, it happens in two obscure footnotes in Chapters 5 and 8 in volume 1 of Capital.The first comes in a footnote at the end of Chapter 5 in which Marx discusses the nature of capital. I give the relevant part of the main text with the footnote below: “The conversion of money into capital has to be explained on the basis of the laws that regulate the exchange of commodities, in such a way that the starting point is the exchange of equivalents.1”[Footnote] (1) “From the foregoing...