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By Eckhard Hein (auth.)

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89) As capitalist expansion presupposes the expansion of credit, the conditions of credit are crucial for capital accumulation and economic growth (Sardoni 1997b). The availability and the price of credit may have an important impact on effective demand, especially on capitalist Monetary Analysis in Marx’s Economics 23 investment. This is already clear in the circuit of capital discussed by Marx (1867, pp. 145–53) in Capital, Vol. I. C − M . The difference between M and M is of course money profits ( ).

This work focuses on fundamental uncertainty in a nonergodic world in which future events cannot be deduced from past data (Davidson 1988, 1994, 2002). In such a world liquidity preference becomes a determinant of asset holding, and money is non-neutral. Money is primarily considered as a standard of value for contracts ranging into an uncertain future. This view is similar to the one proposed by ‘Monetary Theory of Production’ and the Post-Keynesian Research Programme 37 the Berlin School of Monetary Keynesianism: The liquidity premium of holding money affects economic agents’ portfolio choice and determines therefore the rate of profit of real investment, and hence functional income distribution as well as economic activity (Riese 1983, 1986, 1987; Heine/Herr 1999, pp.

19 The second function of money is that of a means of circulation (Marx 1867, pp. 106–30). Commodities (C) have to be traded for money (M) in a capitalist economy. The use of money may hence interrupt the succession of sales (C − M) and purchases (M − C) in the circuit C − M − C. This function of money provides Marx with the first argument to reject Ricardo’s version of Say’s law in his Theories of Surplus Value and constitutes his ‘possibility theory of crisis’ (Marx 1861–63, pp. 21 Since money also has the potential to function as a store of value (hoarding), a role of money subsumed under the third function of ‘money as money’ by Marx (1867, pp.

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