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Marx, Say’s Law and Commodity Money

Trigg, Andrew (2020). Marx, Say’s Law and Commodity Money. Contributions to Political Economy (In Press).

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Abstract

Under Marx’s critique of Say’s Law, as originally devised by Say and James Mill, money hoarding leads to a shortfall in aggregate demand. This paper responds to a Post Keynesian argument that hoarding does not restrict aggregate demand since for Marx money consists of a produced commodity, and hoarding is just one form of commodity demand. Drawing on Marx’s monetary writings, a new monetary equilibrium is suggested in which produced gold is used to replace wear and tear in circulation. An alternative critique of Say’s Law is thus proposed as a contribution to understanding the complexity of Marx’s monetary foundations.

Item Type: Journal Item
Academic Unit/School: Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies > Economics
Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies
Faculty of Arts and Social Sciences (FASS)
Item ID: 68823
Depositing User: Andrew Trigg
Date Deposited: 07 Jan 2020 15:24
Last Modified: 17 Jan 2020 11:39
URI: http://oro.open.ac.uk/id/eprint/68823
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