MODERN MARXIST MONETARY THEORY OR MMMT. THE ROLE OF LEGACY VALUE.

It needs to be pointed out for this article and the next, or at least made explicit, that the term legacy value comprises c +v + s and not only v + s or what Marx called gross income. In today’s SNA language, it refers to gross national income, which includes depreciation but which is not adjusted for inventory. Therefore the money supply comprising monetized revenue includes not only the depositing of wages, rents, interest, and taxes, in the banking system, but the accumulated depreciation funds as well.