OBSERVATIONS OF CARCHEDI & ROBERTS’ PRESENTATION ON INFLATION GIVEN AT THE RECENT HISTORICAL MATERIALISM CONFERENCE.

The purpose of this post is to ensure our understanding of Marxist categories remains precise and that all our investigations are rigorous.

Addendum. A quick point on private and social labour. The conversion of value into revenue via the monetary exchange, converts privately produced labour into social labour in the form of these revenues, which in turn can be used in exchange against any other commodity. Therefore, when value is exchanged for revenue via the medium of money, a quantum of social labour is extinguished on the buying side, while new revenue is created (new social labour) on the selling side, meaning that there is no loss or gain of social value or revenue should the exchange be equal.