chapter  8
12 Pages

Wolff and Resnick’s interpretation of Marx’s theory of value and surplus-value

Where’s the money?
ByFred Moseley

This chapter summarises the key role of money and money capital in Karl Marx's theory of value and surplus-value and prices of production. It discusses Richard D. Wolff and Stephen A. Resnick's presentations of Marx's theory of value and surplus-value in their two principal texts: Knowledge and Class: A Marxian Critique of Political Economy and Economics: Marxian versus Neoclassical. The chapter also discusses Wolff's joint papers with Bruce Roberts and Antonio Callari on Marx's theory of prices of production and the "transformation problem". The payment of the money wage makes it appear as if all labor is paid for, and for that reason Marx's labor theory of money value is necessary and invaluable in order to dispel this "money illusion" of no exploitation in capitalism. A focus on money in Marx's theory is the foundation of a better pedagogy in teaching Marxian economics from capital.