Marx's Theory of Money and 21st-Century Macrodynamics
Levy Economics Institute, Working Papers Series Paper No. 841
13 Pages Posted: 28 Jul 2015
Date Written: July 27, 2015
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: Suggested Citation