Fundamental value: a category in transformation

'Fundamental value' is a canonical category in both Marxian and neo-classical economics. In application to finance and financial crisis, it is laden with complexity. For Marxists, it has underscored a focus on the distinctions between production and circulation, real and fictitious capital...

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Bibliographic Details
Published in:Economy and society 2013-02, Vol.42 (1), p.130-153
Main Authors: Bryan, Dick, Rafferty, Michael
Format: Article
Language:English
Subjects:
Capital formation
Capital market
Computation
Economic Crises
Economic crisis
Economic models
Economic sociology
Finance
Financial crisis
fundamental value
General studies. Economic systems
History, theory and methodology
Liquidity
Marxian analysis
Marxian value
Neoclassical economics
Sociology
Sociology of economy and development
Studies
Theory
Value theory
Values
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Summary:'Fundamental value' is a canonical category in both Marxian and neo-classical economics. In application to finance and financial crisis, it is laden with complexity. For Marxists, it has underscored a focus on the distinctions between production and circulation, real and fictitious capital. These debates have dominated Marxian responses to the financial crisis. In mainstream finance and economics, the term has undergone transformation and historically driven adaptation. Marxian analysis could fruitfully follow this lead. This paper identifies that transformation as an expression of capital's transforming calculation project. As capital becomes more liquid, the concept of fundamental value itself must embrace liquidity, yet, in embracing liquidity, fundamental value loses its established definitive capacity.
ISSN:0308-5147
1469-5766
DOI:10.1080/03085147.2012.718625