School of Economics and Finance

No. 402: Markets, Money and Ideology

Simon Mohun , Queen Mary and Westfield College, University of London

March 1, 1999

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Marx's critique of Hegel is used to derive a demarcation criterion that sharply separates scientific knowledge from ideology, and interprets Hegelian methodology as fundamentally ideological. Economic theory is considered according to this demarcation criterion, and the paper argues that economic science too easily becomes economic ideology. One reason for this tendency towards slippage is the dominance of money relations in contemporary society. For the labour theory of value in Marx has a theory of money whose structure is identical to Hegelian logic, and an antipathy to a scientific approach is thereby grounded in everyday life.

J.E.L classification codes: A14, B41

Keywords:Ideology, Marx, Money