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DebateAn Input-Output Reconstruction of the Macro-Monetary Interpretation of Marxian Theory

작성자 : Hyun Woong Park
작성일자 : 2019-09-26 01:42:11 조회수 : 9
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An Input-Output Reconstruction  of the Macro-Monetary Interpretation  of Marxian Theory 

Hyun Woong Park

In this paper, I extend Fred Moseley’s algebraic summary of the macro-monetary
interpretation (MMI) of Marxian theory to explicitly incorporate the equality
between the input and output prices, and examine some of the mathematical
properties of the input-output model of the MMI that emerges from this exercise.
First, in case the variable capital is equal to the prices of production of wage
goods, the MMI model yields two different solutions, where one of them has the
profit rate determined in the same way as in the standard model. Moreover, it is
shown that the standard input-output system of equilibrium prices can be derived
directly from the model of the MMI, which demonstrates that the latter shares the
same structure with the standard input-output model. Second, in case the variable
capital is equal to nominal wage cost, the profit rate and the prices of production
are uniquely determined consistently to Moseley’s suggestion; however, the
solution for gross outputs supporting these does not exist in a general condition.

Keywords: macro-monetary interpretation, Marxian theory

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