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• W640020781 abstract "labour contained in commodities ultimately leads to the conclusion that this unified form of appearance must be money. The key characteristics of money – homogeneous quality and definite quantities – are derived from these same characteristics of abstract labour. The ‘simple’ form of value is ‘insufficient’ (1867: 154), and the ‘expanded’ form of value is ‘defective’ (1867: 156–7), because these forms do not adequately express the quantities of abstract homogeneous labour contained in commodities.4 Marx summarized this conclusion at the beginning of chapter 3: Because all commodities, as values, are objectified human labour, and therefore in themselves commensurable, their values can be communally measured in one and the same specific commodity, and this commodity can be converted into the common measure of their values, that is into money. Money as a measure of value is the necessary form of appearance of the measure of value which is immanent in commodities, namely labour-time. (Marx 1867: 188; emphasis added) For similar interpretations of Marx’s derivation of the necessity of money from his labour theory of value, see Hilferding (1910: ch. 1); Rosdolsky (1977: ch. 5–6); Banaji (1979); Weeks (1981: ch. 6); Murray (1988: ch. 14); and Itoh and Lapavitsas (1999: ch. 2, although this also argues that the derivation can logically be separable from the notion of abstract labour as a theory of forms of value).5 2 Introduction 3 Mark Blaug misses entirely the importance of Marx’s derivation of the necessity of money. Blaug states: ‘The reader will miss little by skipping over the pedantic third section of chapter 1 on which the hands of Hegel lie all too heavily’ (1985: 268). 4 Jean Cartelier (1991) and his collaborater Carlo Benetti have argued that there is a logical flaw in Marx’s ‘inversion’ of the expanded form of value to obtain the general form of value. For a detailed response to this critique, see Moseley (1998). 5 I would argue that Marx’s theory of money is also superior to neoclassical and Sraffian theories of money for the same reason, because Marx’s theory explains the necessity of money on the basis of its fundamental theory of value, and thus provides an integrated theory of value and money, and these other theories do not; but that is a subject for another occasion." @default.
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• W640020781 title "Marx's theory of money : modern appraisals" @default.
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