"Starting from Schumpeter's important distinction between 'real analysis' and 'monetaryanalysis', in this paper it is shown that major elements of Marx's economic theory fall in thecamp of monetary analysis and the implications for Marx's theory of capital accumulation arederived. First, Marx's theory of labour value has to be considered a 'monetary theory ofvalue' because 'abstract labour' as the social substance of value cannot be measured withouta social standard of value. Money as a social representative of value, therefore, is introducedat the very beginning of Marx's microeconomics. Marx's rejection of Ricardo's interpretationof Say's Law requires that money as a means of circulation and as a means of payment is nonreproducible and therefore cannot be a commodity. Second, in the schemes of reproduction itbecomes clear, that the realisation of profits for the capitalist class as a whole requires moneyadvances, which have to increase by means of rising credit in a growing economy. Third, therate of interest in Marx's economics is conceived of as a monetary category determined byrelative powers of financial and industrial capitalists. Therefore, similar to post-Keynesiantheories of distribution and growth, the rate of capital accumulation is determined by theexpected rate of profit and the exogenous rate of interest. From this it follows, that any 'realtheory' of crisis and stagnation, as the falling rate of profit theory of crisis, cannot besustained within Marx's monetary analysis." (author's abstract)
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