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A Radical Economic Revision of the Transformation Problem

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  • Michele I. Naples

    (Department of Economics, P 0 Box 5055, Rutgers University, New Brunswick NJ 08903-5055)

Abstract

The transformation problem results from extending Marxs analysis to include reproduction. Existing resolutions assume equilibrium and accept Ricardo's conclusion that production conditions in basics determine the profit rate. But capitalism cannot be shown to reach a Neo-Ricardian equilibrium. And the Ricardian basics theory of the profit rate is either a physical-standard theory of the profit rate or a capital-productivity theory. Without equilibrium, Marns exploitation theory of the profit rate is consistent with capitalist pricing and implies that capitalism cannot achieve long-run equilibrium, and decentralized pricing behavior can generate nominal-price movements as well as equalizing profit rates.

Suggested Citation

  • Michele I. Naples, 1989. "A Radical Economic Revision of the Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 21(1-2), pages 137-158, March.
    • Handle: RePEc:sae:reorpe:v:21:y:1989:i:1-2:p:137-158
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    Cited by:

    1. Freeman, Alan, 1999. "The Emperor's Tailor: The Economists and the Crash of ‘98," MPRA Paper 6712, University Library of Munich, Germany.
    2. Freeman, Alan, 1995. "Marx without Equilibrium," MPRA Paper 1207, University Library of Munich, Germany.
    3. Freeman, Alan & Kliman, Andrew, 1998. "Simultaneous and Temporal Valuation Contrasted," MPRA Paper 52805, University Library of Munich, Germany, revised 23 Sep 1998.
    4. Freeman, Alan, 1997. "If they're so rich, why ain't they smart? Another prelude to the critique of economic theory," MPRA Paper 52699, University Library of Munich, Germany, revised 04 Feb 2013.

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