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The Transformation Problem: Is the Standard Commodity a Solution?

Author

Listed:
  • Ajit Sinha

    (Department of Economics, LBS National Academy of Administration, Mussoorie, 248179, India ajitsinha@lbsnaa.ernet.in)

Abstract

This paper attempts to closely investigate the relationship between Ricardo's search for an invariable measure of value and Sraffa's Standard commodity on the one hand and Marx's transformation problem and his notion of exploitation on the other. The paper argues that Marx's notion of exploitation is subtly different from the Sraffian notion of exploitation as suggested by Garegnani. And that the Standard commodity is not a solution to Marx's transformation problem as suggested by Eatwell. The paper is an attempt to initiate a fruitful dialog between Marxists and Sraffians on the question of labor as a unit of measure and its relation to the notion of exploitation.

Suggested Citation

  • Ajit Sinha, 2000. "The Transformation Problem: Is the Standard Commodity a Solution?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(2), pages 265-281, June.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:2:p:265-281
    DOI: 10.1177/048661340003200204
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    References listed on IDEAS

    as
    1. John Eatwell, 1975. "Mr. Sraffa's Standard Commodity and the Rate of Exploitation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 89(4), pages 543-555.
    2. John Hicks & Samuel Hollander, 1977. "Mr. Ricardo and the Moderns," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(3), pages 351-369.
    3. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    4. Pier Luigi Porta, 1986. "Understanding the Significance of Piero Sraffa's Standard Commodity: A Rejoinder," History of Political Economy, Duke University Press, vol. 18(3), pages 479-484, Fall.
    5. Pier Luigi Porta, 1986. "Understanding the Significance of Piero Sraffa's Standard Commodity: A Note on the Marxian Notion of Surplus," History of Political Economy, Duke University Press, vol. 18(3), pages 443-454, Fall.
    6. Lipietz, Alain, 1982. "The so-called "transformation problem" revisited," Journal of Economic Theory, Elsevier, vol. 26(1), pages 59-88, February.
    7. F. Seton, 1957. "The "Transformation Problem"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(3), pages 149-160.
    8. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    Full references (including those not matched with items on IDEAS)

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