Titlebook: Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Econo; Volume I: Money and Howard Nicholas

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,Sraffa’s Explanation of Money Price, analysis, noting at the outset that Sraffa did not leave behind an explicit explanation of the money price of a commodity in any of his major works. The basic argument I develop is that Sraffa’s conception of the value of the commodity causes him to have an illogical and counterintuitive implicit e

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,Post-Keynesian Explanations of Money?Price,is that the PK conception of the value of the commodity causes them to have an illogical and counterintuitive explanation of the relative money price of the commodity and the aggregate money prices of all commodities. It requires PKs to begin their explanation of the money price of the commodity wit

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,Neoclassical Explanations of Money?Price,is. The basic argument I develop in the chapter is that the Neoclassical conception of the value of the commodity, whether as the subjective worth attached to the commodity or the commodity income costs of producing the commodity, causes them to have a logically flawed and counterintuitive explanati

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Conclusions,ible explanation among all competing explanations. I argue this is because it is the only approach that allows for a link between the value of the commodity and money without collapsing value into money price. I see this link stemming from Marx’s unique understanding of money and the functions it pe

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https://doi.org/10.1007/978-3-658-32494-0 these commodities. This in turn causes him to illogically see changes in relative money prices taking place independently of changes in aggregate money prices, and to deny the influence of the productivity of labour on the aggregate money price level while admitting it has a bearing on the relative money prices of commodities.

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,Smith’s Explanation of Money Price,rn requires Smith to see changes in relative money prices taking place independently of changes in aggregate money prices and, counterintuitively, deny the influence of the productivity of labour on either.