This ambitious book presents a comprehensive new 'macro-monetary' interpretation of Marx's logical method in Capital, based on substantial textual evidence, which emphasises two main points: (1) Marx's theory is primarily a macroeconomic theory of the total surplus-value produced in the economy as a whole; and (2) Marx's theory is a monetary theory from beginning to end and the circuit of money capital - M - C - M' - is the logical framework of Marx's theory. It follows from this 'macro-monetary' interpretation that, contrary to the prevailing view, there is no 'transformation problem'...

In this text, three heterodox economic scholars respond to appraisals of Sraffian (Ian Steedman), Radical (Michael Reich) and Marxian economics (Fred Moseley), put forward by Mark Blaug, the economic methodologist.