A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal
AbstractThis paper shows that the ‘New Approach’ to the ‘problem of transforming values into prices’, first, is subjected to a crucial logical inconsistency and second, is not in a position to deal with the heterogeneous labour case. Thus, the paper proposes an approach, which overcomes these problems and concludes that values of commodities are their actual prices.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24019.
Date of creation: Jun 2006
Date of revision:
Publication status: Published in Indian Development Review: An International Journal of Development Economics 1.4(2006): pp. 23-37
Abstract social labour; heterogeneous labour; New Approach; transformation problem;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
- C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
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- Glick, Mark & Ehrbar, Hans G, 1987. "The Transformation Problem: An Obituary," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 26(49), pages 294-317, December.
- Ian Steedman, 1999. "Production of Commodities by Means of Commodities and the Open Economy," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 50(3), pages 260-276, October.
- Shaikh,Anwar M. & Tonak,E. Ahmet, 1997. "Measuring the Wealth of Nations," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521564793.
- Theodore Mariolis, 2004. "Pure joint production and international trade: a note," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 28(3), pages 449-456, May.
- Steedman, Ian & Metcalfe, J S, 1981. "On Duality and Basic Commodities in an Open Economy," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 20(36), pages 133-41, June.
- Mohun, Simon, 1994. "A Re(in)statement of the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 18(4), pages 391-412, August.
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