The new interpretation (NI) offers a particular understanding of important problems in value theory, especially the value of money and labor power and the structure and dynamics of capitalist accumulation. The NI is to be welcomed for raising these issues but not for the way in which it has dealt with them. Above all, the NI falsely assumes that value is directly and immediately represented by money. The authors propose alternatives that emphasize the processes (mediations) through which value is expressed as price. They draw on an alternative methodology and understanding of money, the value of labor power, and production and circulation of capital in the context of accumulation.

The new interpretation of value theory is flawed in its assumption that value is directly and immediately represented by money, and proposes alternatives that emphasize the processes through which value is expressed as price.

Transforming the Transformation Problem: Why the “New Interpretation” is a Wrong Turning

Key Takeaway: The new interpretation of value theory is flawed in its assumption that value is directly and immediately represented by money, and proposes alternatives that emphasize the processes through which value is expressed as price.