This paper critically assesses the recent debates on Marx’s value theory. Simultaneous Dual System Interpretation(SDSI) and New Interpretation(NI) on Marx’s value theory have flaws that Fundamental Marian Theorem may not hold, when there are negative physical surplus or net products. And NI and TSSI(Temporal Single System Interpretation)’s monetary expression of labourtime are challenged by the problem of circular reasoning because they are defined or determined in the transformation procedure. Therefore, Marx’s MELT should be determined based on his theory of commodity money.

Keywords: Marx, Fundamental Marxian Theorem, monetary expression of labour-time, commodity money, mine rent, Simultaneous Dual System Interpretation, New Interpretation, Temporal Single System Interpretation.

1. Introduction

In recent years, two new controversies on Marx’s value theory have arisen since the Temporal Single System Interpretation(TSSI) emerged in order to ‘resuscitate’ the Marx’s value theory. The first debate began with Kliman(1996, 1997)’s critique of Okishio theorem and was followed by the refutations of his critique by others like Laibman and Foley) and the later debate was published in The New Value Controversy and the Foundations of Economics.

The second debate was caused by Kliman(2001)’s critique of simultaneous Fundamental Marxian Theorem (FMT). He criticized other interpretations of Marx’s value theory such as Simultaneous Dual System Interpretation (SDSI), New Interpretation(NI), and Simultaneous Single System Interpretation (SSSI). As Mohun, Veneziani et. al. responded to his critique, the debate became hot. And recently, this journal published several papers on the topic.

This paper will focus on the FMT debates and critically assess them. In he first section, Kliman’s critique of simultaneous(SDSI and NI) FMT will be discussed and the second section will deal with Mohun and Veneziani’s counter-critique of TSSI FMT with focus on monetary expression of labour-time(MELT). In the last section, a suggestion on how Marx’s MELT should be rooted in his theory of commodity money will be discussed.

The Recent Controversy on Marx’s Value Theory: a critical assessment

Institute for Social Science, Gyeongsang National University