Titlebook: Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Econo; Volume I: Money and Howard Nicholas

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The Editor(s) (if applicable) and The Author(s) 2023

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Introduction,explanation of the functioning of the capitalist economic system rests, the other being the theory of profit. Taken together the three volumes seek to expand on and develop Marx’s theory of price. The focus of the present volume, as the title indicates, is price and money. Its purpose is to expand o

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,Smith’s Explanation of Money Price,n. The basic argument I develop is that Smith’s conception of the value of the commodity causes him to have logically inconsistent and counterintuitive explanations of the relative money prices of commodities and the aggregate money price level. It causes him to explain the relative money prices of

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,Ricardo’s Explanation of Money Price,tion. The basic argument I develop is that Ricardo’s conception of the value of the commodity causes him, like Smith, to have a logically inconsistent and counterintuitive explanation of the money price of the commodity and the aggregate money price level. It causes him to explain the relative money

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,Sraffa’s Explanation of Money Price, analysis, noting at the outset that Sraffa did not leave behind an explicit explanation of the money price of a commodity in any of his major works. The basic argument I develop is that Sraffa’s conception of the value of the commodity causes him to have an illogical and counterintuitive implicit e

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,Post-Keynesian Explanations of Money Price,is that the PK conception of the value of the commodity causes them to have an illogical and counterintuitive explanation of the relative money price of the commodity and the aggregate money prices of all commodities. It requires PKs to begin their explanation of the money price of the commodity wit

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Conclusions,ible explanation among all competing explanations. I argue this is because it is the only approach that allows for a link between the value of the commodity and money without collapsing value into money price. I see this link stemming from Marx’s unique understanding of money and the functions it pe