The M-C-M formula is superseded now, Marx would probably have updated his texts if he was still around.
This because of two things, firstly the appearance of solar energy, and secondly the development of modern formal Systems Engineering tools and techniques, that enable us to put physical energy and economics into the same system and analyse them combined as one.
Doing the latter wouldn't have yielded much value in Marx's day because what he was analysing, the system of capital, was a closed system, in that the value of all capital could be considered as a constant, there we no injections of capital coming into the system from an external source.
But there is now, from the external / extraterrestrial source that is the sun.
To get an idea how it works, consider generating hydrogen from solar energy.
Nothing was taken from Earth except water, to generate the fuel of hydrogen, which functionally replaces all fossil fuels with none of the pollution, and the water is not consumed by the process of cycling it to and from hydrogen, it is always returned to Earth therefore no Earth resources are consumed in a hydrogen ecology.
We can say that the free energy of the sun is being converted to the valuable resource of fuel.
More subtly, it doesn't matter if solar is converted to hydrogen or if it just saved someone some money on fuel bills, either way it is valuable economic product, put to use in the economy.
Which means that the economic capital base is no longer constant, it is constantly being added to by valuable solar product.
So a person holding capital can longer expect its value to hold, since actually it is being physically diluted, by the constant addition of more capital by solar energy.
To get an idea of the effect of that to date, notice utilities energy use has declined since 2005, yet population, which we used to use to reliably preduct future utilities energy demand, has continued to rise.
So we can estimate the value by looking at what utilities energy has effectively lost in business, since this is what gas been gained by solar.
In UK, a country of around 70 million people, it is around 457Bn since 2005.
For 2022 alone it was 50 Bn.
For 2023, with no changes to rate of solar scaling up, a further 160 Bn should be expected to be added.
This is still with only maybe 20 percent of energy used by the public comprising solar when we get to 100 percent solar, we should expect about a trillion being added per year.
The kicker is that currently, no money is being issued to monetise that product, because money is only issued on what utilities energy is used, therefore product creation is increasingly outstripping issue of money.
So it is no longer true that money issued for free has a negative effect on the value of money, the opposite now is true, more money has to be issued to retain the value in money, by it reflecting actual product put to use, and since that product is created by Joules which are pushed to us for free from the sun, money has to be issued for free to authentically represent and ennummerate the product, so the base of all money will be constantly expanding very soon, after it finally starts to he issued, for free.
There we might see a substantial UBI, which will profoundly change the whole idea of work and jobs.
It is inevitable, because until it is done, money has to spiral into uncontrollable inflation.
It is uncontrollable, because for the first time ever, it is being driven by nature.