ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
-A A +A

On Some Foundational Issues in the Theory of Money

A precondition for the emergence of involuntary unemployment is the fact that substantial labour reserves already exist that make at least a segment of workers price-takers. Not only is "full employment" of all the workers whom capital employs impossible, but a capitalist monetary economy cannot function without such substantial labour reserves as make at least a segment of workers price-takers.

Subscribers please login to access full text of the article.

New 3 Month Subscription
to Digital Archives at

826for India

$50for overseas users

Get instant access to the complete EPW archives

Subscribe now


(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top