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 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...