The “Macro-monetary” Interpretation of Marx's Theory: A Reply to Ravagnani's Critique

Abstract

This paper responds to Ravagnani's critique of my “macro-monetary” interpretation of Marx's theory. The first section briefly reviews the key points of my interpretation, with special emphasis on the determination of the initial inputs of constant capital and variable capital. The second section replies to Ravagnani's criticism that my interpretation is subject to a severe “analytical limitation.” The third section presents a brief summary of the textual evidence related to the determination of constant capital and variable capital in Marx's theory. The final section makes a radical suggestion for consensus.