The MELT and Circular Reasoning in the New Interpretation and the Temporal Single System Interpretation

Abstract

The “monetary expression of labor time” (i.e. the MELT) is a key variable in Marx’s theory and has played a prominent role in two important reinterpretations of Marx’s theory the New Interpretation (NI) and the Temporal Single System Interpretation (TSSI). This paper first reviews my interpretation of the MELT (first presented in Moseley 2011) and then critically examines in successive sections the interpretations of the MELT presented by the NI and the TSSI. A final section summarizes the main conclusions.