A Critical Note on Moseley’s ‘macro-monetary’ Interpretation of Marx’s Theory

This note critically evaluates the ‘macro-monetary’ interpretation of Marx’s theory presented by Moseley (2000) in opposition to the traditional view rooted in the early work of Bortkiewicz. The first part argues that the textual evidence from Capital sharply contrasts with the basic premise of Moseley’s interpretation, i.e. the claim that the inputs of constant capital and variable capital enter directly into Marx’s theory as given sums of money. The second part shows that the theoretical construction Moseley attributes to Marx is subject to severe analytical limitations. It is accordingly concluded that Moseley’s contribution does not seriously challenge the traditional view of Marx. JEL classification: E11, D46