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Moseley, Fred
http://solidarity-us.org/atc/196/transformation-moseley/Date Written: 2018-09-01 Publisher: Against the Current Year Published: 2018 Resource Type: Article Cx Number: CX23407 A reply by the author of "Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the Transformation Problem" to two previous responses to his book. Abstract: -- Excerpt: THANKS VERY MUCH to Paul Burkett for writing an excellent review of my recent book Money and Totality (with a long subtitle: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the Transformation Problem) and also to Barry Finger for writing a substantial comment on Burkett’s review and my book.... Finger's first criticism is that I uncritically accept Marx's theory that surplus-value-flows between sectors in the transformation of values into prices of production, as if surplus-value is some kind of liquid that can be poured from one industry to the next. In order to clarify Marx's theory of the distribution of surplus-value across industries, we must first understand that there are two main levels of abstraction in Marx's economic theory: a macro theory of the production of surplus-value in Capital Volumes 1 and 2, in which the main question is the determination of the total surplus-value produced in the economy as a whole, and a micro theory of the distribution of surplus-value in Volume 3, in which the main question is the division of the total surplus-value into individual parts (first the equalization of profit rates across industries in Part 2, and then the further division of the total surplus-value into commercial profit, interest and rent in Parts 4, 5 and 6). Subject Headings |