This paper tries to answer the important question: how is the “monetary expression of labor time†(MELT) determined under the inconvertible credit money system? We provide a clear definition of the inconvertible credit money system by differentiating four monetary regimes. It is argued...

This paper evaluates the alleged refutation of the Okishio theorem by the Temporal Single-System Interpretation (TSSI) of Marxian value theory. The TSSI's refutation of the Okishio theorem requires not only changes in the definition of the rate of profit but also an arbitrary assumption about...

Duménil, Foley and Lévy (DFL)'s note gives a formal presentation of the 'New Interpretation' that explicitly considers the issue of heterogeneous labour. It clarified some issues raised in my previous paper. Unfortunately, however, DFL offer only a mathematical formalism while leaving the most...

This article evaluates the new interpretation (NI) of Marxian value theory consistent with its inherent logic. The problem of double counting will be examined thoroughly. The relationship between the NI's value of labor power and bundle of wage goods will also be discussed. While the NI...

This paper focuses on the theoretical status of the fundamental Marxian theorem in various interpretations of Marxian value theory, particularly with regard to the logical consistency rather than the analytical implication. It will be shown that each interpretation proves the fundamental Marxian...

The 'New Interpretation' (NI) argues that Marxian value categories can be measured using price variables through the concept of monetary expression of labour time (MELT). Starting from the central insight of the NI, this paper focuses on the estimation of sectoral rates of surplus value. It will...