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Money Is Time: The Monetary Expression of Value in Marx's Theory of Value

In this article, I derive the monetary expression of value based upon commodity money and use it to translate values and exchange values from units of labor into units of money. While this analysis has been done at the initial stage of Marx's analysis where he assumes that commodities exchange in proportion to their values, I derive the monetary expression of value at the more developed stage of Marx's analysis where commodities exchange according to prices of production. I then develop a macroeconomic measure of the monetary expression of value and link the micro- and macroeconomic determination of the monetary expression of value. In so doing I provide a conceptual basis for defining the monetary expression of value using contemporary non-commodity money.