Exploring Marx’s Value Theory In Our Inflationary World:: Why It Is Not Moseley’s Way Or The Highway!

Nicholas Potts

Exploring Marx’s Value Theory In Our Inflationary World: Why It Is Not Moseley’s Way Or The Highway!

Nicholas Potts

Research output: Published contribution to conference › Paper › peer-review

Abstract

My paper seeks to encourage pluralism in Marxian economics in general and in particular when attempting to understand value in our inflationary world. I first argue how an interpretation of Marx, such as Moseley (2016a), repeated by Park (2016), should not seek to rule out insights from other interpretations of Marx by taking unnecessarily inflexible positions that the other interpretations do not hold to, but could in fact easily adopt if they wished to. Secondly, in response to Park’s (2016) call for a model incorporating together growth, inflation, technological change and the monetary expression of labour-time (MELT), I report a model of mine developed in response to the 2008 crisis (Potts, 2009) that answers this challenge. My model shows how falling profitability makes investment in fictitious capital more attractive than investing productively. Finally I conclude, hoping that research in this critical area will proceed more fruitfully in the future through being more open-minded i.e. academic.

Original language	English
Number of pages	27
Publication status	Published - Jul 2017
Event	Association of Heterodox Economics Annual Conference: Sustainable Economy and Economics - Dalton Ellis Hall, University of Manchester, Manchester, United Kingdom Duration: 10 Jul 2017 → 12 Jul 2017 Conference number: 19 http://hetecon.net/?page=ahe_conferences&side=19th_annual_conference_programme

Conference

Conference	Association of Heterodox Economics Annual Conference
Abbreviated title	AHE
Country/Territory	United Kingdom
City	Manchester
Period	10/07/17 → 12/07/17
Internet address	http://hetecon.net/?page=ahe_conferences&side=19th_annual_conference_programme

Cite this

@conference{3e58d3eebd8844beb898c325a38600fc,

title = "Exploring Marx{\textquoteright}s Value Theory In Our Inflationary World:: Why It Is Not Moseley{\textquoteright}s Way Or The Highway!",

abstract = "My paper seeks to encourage pluralism in Marxian economics in general and in particular when attempting to understand value in our inflationary world. I first argue how an interpretation of Marx, such as Moseley (2016a), repeated by Park (2016), should not seek to rule out insights from other interpretations of Marx by taking unnecessarily inflexible positions that the other interpretations do not hold to, but could in fact easily adopt if they wished to. Secondly, in response to Park{\textquoteright}s (2016) call for a model incorporating together growth, inflation, technological change and the monetary expression of labour-time (MELT), I report a model of mine developed in response to the 2008 crisis (Potts, 2009) that answers this challenge. My model shows how falling profitability makes investment in fictitious capital more attractive than investing productively. Finally I conclude, hoping that research in this critical area will proceed more fruitfully in the future through being more open-minded i.e. academic.",

author = "Nicholas Potts",

year = "2017",

month = jul,

language = "English",

note = "Association of Heterodox Economics Annual Conference : Sustainable Economy and Economics, AHE ; Conference date: 10-07-2017 Through 12-07-2017",

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T1 - Exploring Marx’s Value Theory In Our Inflationary World:

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N2 - My paper seeks to encourage pluralism in Marxian economics in general and in particular when attempting to understand value in our inflationary world. I first argue how an interpretation of Marx, such as Moseley (2016a), repeated by Park (2016), should not seek to rule out insights from other interpretations of Marx by taking unnecessarily inflexible positions that the other interpretations do not hold to, but could in fact easily adopt if they wished to. Secondly, in response to Park’s (2016) call for a model incorporating together growth, inflation, technological change and the monetary expression of labour-time (MELT), I report a model of mine developed in response to the 2008 crisis (Potts, 2009) that answers this challenge. My model shows how falling profitability makes investment in fictitious capital more attractive than investing productively. Finally I conclude, hoping that research in this critical area will proceed more fruitfully in the future through being more open-minded i.e. academic.

AB - My paper seeks to encourage pluralism in Marxian economics in general and in particular when attempting to understand value in our inflationary world. I first argue how an interpretation of Marx, such as Moseley (2016a), repeated by Park (2016), should not seek to rule out insights from other interpretations of Marx by taking unnecessarily inflexible positions that the other interpretations do not hold to, but could in fact easily adopt if they wished to. Secondly, in response to Park’s (2016) call for a model incorporating together growth, inflation, technological change and the monetary expression of labour-time (MELT), I report a model of mine developed in response to the 2008 crisis (Potts, 2009) that answers this challenge. My model shows how falling profitability makes investment in fictitious capital more attractive than investing productively. Finally I conclude, hoping that research in this critical area will proceed more fruitfully in the future through being more open-minded i.e. academic.

M3 - Paper

Y2 - 10 July 2017 through 12 July 2017

ER -

Exploring Marx’s Value Theory In Our Inflationary World: Why It Is Not Moseley’s Way Or The Highway!

Abstract

Conference

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