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Transforming the Transformation Problem: Why the “New Interpretation†is a Wrong Turning

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  • Ben Fine
  • Costas Lapavitsas
  • Alfredo Saad-Filho

Abstract

The new interpretation (NI) offers a particular understanding of important problems in value theory, especially the value of money and labor power and the structure and dynamics of capitalist accumulation. The NI is to be welcomed for raising these issues but not for the way in which it has dealt with them. Above all, the NI falsely assumes that value is directly and immediately represented by money. The authors propose alternatives that emphasize the processes (mediations) through which value is expressed as price. They draw on an alternative methodology and understanding of money, the value of labor power, and production and circulation of capital in the context of accumulation.

Suggested Citation

  • Ben Fine & Costas Lapavitsas & Alfredo Saad-Filho, 2004. "Transforming the Transformation Problem: Why the “New Interpretation†is a Wrong Turning," Review of Radical Political Economics, Union for Radical Political Economics, vol. 36(1), pages 3-19, March.
    • Handle: RePEc:sae:reorpe:v:36:y:2004:i:1:p:3-19
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    Cited by:

    1. Andrea Ricci, 2016. "Unequal Exchange in International Trade:A General Model," Working Papers 1605, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    2. Andrea Ricci, 2016. "Metamorphoses of Value.The Concept of a Commodity in Marx’s Capital," Working Papers 1609, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.

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