Marx's Theory of Money and 21st-Century Macrodynamics

Levy Economics Institute, Working Papers Series Paper No. 841

13 Pages Posted: 28 Jul 2015

See all articles by Tai Young-Taft

Tai Young-Taft

Bard College - The Levy Economics Institute

Date Written: July 27, 2015

Abstract

Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of the money commodity, (2) possible heterogeneity of the money commodity, (3) the categories of land and rent as they pertain to the financial economy, (4) valuation of derivative securities, and (5) strategies for modeling, predicting, and controlling production and exchange of the money commodity and their interface with the real economy.

Keywords: Macroeconomics, Marx’s Theory of Money, Monetary Theory, Transformation Problem

JEL Classification: B51, E11, G13

Suggested Citation

Young-Taft, Tai, Marx's Theory of Money and 21st-Century Macrodynamics (July 27, 2015). Levy Economics Institute, Working Papers Series Paper No. 841, Available at SSRN: https://ssrn.com/abstract=2636302 or http://dx.doi.org/10.2139/ssrn.2636302

Tai Young-Taft (Contact Author)

Bard College - The Levy Economics Institute ( email )

Blithewood
Annandale-on-Hudson, NY 12504-5000
United States

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