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The Transformation Problem: Exposition and Appraisal

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  • Wolfson, Murray

Abstract

Every theory of value has to perform certain tasks. In the narrowest sense, it must explain ratios of exchange on the market. But it must also give an account of social costs and benefits, and their distribution among individuals and groups. Value theory must relate human beings to the physical and biological realities. It must explain the relations between persons and groups. In fulfilling all these tasks, value theory reflects philosophical beliefs about how human beings perceive and react to nature and to each other.

Suggested Citation

  • Wolfson, Murray, 1990. "The Transformation Problem: Exposition and Appraisal," Journal of the History of Economic Thought, Cambridge University Press, vol. 12(2), pages 179-195, October.
    • Handle: RePEc:cup:jhisec:v:12:y:1990:i:02:p:179-195_00
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    Cited by:

    1. Miguel D. Ramirez, 2020. "Capital as a social process: A Marxian perspective," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 9(1), pages 41-71.
    2. Miguel D. Ramirez, 2021. "Ricardo's and Marx's Conception of Absolute and Relative Value: A Critical Overview," Working Papers 2101, Trinity College, Department of Economics.
    3. Miguel D. Ramirez, 2020. "Marx's Theory of Value: A Sympathetic Yet Critical Perspective," Working Papers 2001, Trinity College, Department of Economics, revised Aug 2020.
    4. Miguel D. Ramirez, 2022. "Ricardo’s and Marx’s Conception of Absolute and Relative Value: A Critical Overview," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 103-132, December.

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