Economía marxista para el Siglo XXI

John Weeks,
The recent instability in financial markets demonstrated the inadequacy of the
mainstream treatment of money and the underlying production base. This has stimulated
interest in the possible role of a money commodity. I demonstrate that the fundamental
function of monetary theory, an explanation of the general level of prices, is provided
through only two analytical mechanisms, quantity-based valueless money or a money
commodity. I show that the quantity-based explanation is unsound by its own logic. I
then present the theoretical argument for commodity-based money, which is analytically
consistent. Theoretical superiority of commodity-based monetary theory has little
practical impact because the commodity money hypothesis is considered empirically
absurd. The final section demonstrates prima facie credibility of a link between gold and
aggregate prices in the United States since the end of World War II. This credibility
should motivate Marxists and other critics of mainstream economics to treat seriously
commodity-based monetary theory.

Descargue el archivo aquí


Introduce tus datos o haz clic en un icono para iniciar sesión:

Logo de

Estás comentando usando tu cuenta de Cerrar sesión /  Cambiar )

Google photo

Estás comentando usando tu cuenta de Google. Cerrar sesión /  Cambiar )

Imagen de Twitter

Estás comentando usando tu cuenta de Twitter. Cerrar sesión /  Cambiar )

Foto de Facebook

Estás comentando usando tu cuenta de Facebook. Cerrar sesión /  Cambiar )

Conectando a %s

Nube de etiquetas