This paper suggests a way to determine the “monetary expression of labor” (the “MELT”) in today's regime of inconvertible credit money, a way that is consistent with Marx's general theory of money and is quantitatively the same as Marx's determination of the MELT in the case of the...

This paper argues that the fundamental cause of the current economic crisis in the U. S. economy was a significant long-term decline in the rate of profit from the 1950s to the 1970s. Capitalists responded to this profitability crisis by attempting to restore their rate of profit by a variety of...

This paper responds to Christian Gehrke's comment, and argues that the main conclusion of my earlier paper is sustained—that, contrary to Sraffa, Marx did not 'adopt' in any sense of the word the joint product method of treating fixed capital. It agrees with Gehrke that Torrens adopted a form...