[Marxism] Fwd: Fred Moseley and Marx’s macro-monetary theory | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Fri Apr 29 05:34:13 MDT 2016

In a previous post I reckoned that Anwar Shaikh’s magnum opus was 
probably the best book on capitalism this year.  Well, Fred Moseley’s 
20-year work on his new book, Money and Totality, is probably the best 
on Marxist economic theory this year and for this century so far.

Fred Moseley is Professor of Economics at Mount Holyoake women’s college 
in Massachusetts and has been for decades. He is one of the foremost 
scholars in the world today on Marxian economic theory (as a theory of 
capitalism). He has written or edited seven books, including The Falling 
Rate of Profit in the Post-war United States Economy (1991), Marx’s 
Logical Method: A Re-examination (1993), Heterodox Economic Theories: 
True or False?(1995), New Investigations of Marx’s Method (1997), and 
Marx’s Theory of Money: Modern Appraisals (2004).

In Money and Totality, Moseley has made a major contribution to a 
clearer understanding of Marx’s method of analysis.  He shows that a 
Marxist analysis delivers money, prices and values integrated into a 
single realistic system of capitalism. Moseley shows that Marx had two 
main stages of analysis or theoretical abstraction. First, he analyses 
the production of surplus value in capital as a whole (Volumes 1 and 2 
in Capital) and then he analyses its distribution through the competing 
sectors of many capitals (Volume 3). Marx starts with money so there is 
no need to ‘transform’ an underlying system based on value into a system 
based on prices.


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