A critical note on Moseley's "macro-monetary" interpretation of Marx's theory

This note critically evaluates the "macro-monetary" interpretation of Marx's theory presented by Moseley (2000) in opposition to the traditional view rooted in the work of Bortkiewicz. The first part argues that the textual evidence from Capital sharply contrasts with the basic premise of Moseley's interpretation, that is, the claim that the inputs of constant and variable capital enter directly into Marx's theory as given sums of money. The second part shows that the theoretical construction Moseley attributes to Marx is subject to severe analytical limitations. It is accordingly concluded that Moseley's contribution does not seriously challenge the traditional view of Marx. © 2005 Union for Radical Political Economics.