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The epistemology of transformation: a criticism of the neoricardianism

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  • Cláudio Gontijo

Abstract

In the solution of the “transformation problem”, Marx erred in believing thatthe profit rate determined in the value system was the mediation between values and productionprices. This error invalidates Marx’s “doble postulate”, according to which the sumof values equals the sum of prices and the sum of surplus value equals the sum of profits. Byusing a linear operator from the value system, it is possible to fully determine the averageprofit rate and the system of production prices. ln this way, we can preserve Marx’s fundamentalepistemological postulate, according to which the realm of essence (values) determinesthe realm of transparent reality (prices). JEL Classification: D46; B51.

Suggested Citation

  • Cláudio Gontijo, 1989. "The epistemology of transformation: a criticism of the neoricardianism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 9(3), pages 386-405.
    • Handle: RePEc:ekm:repojs:v:9:y:1989:i:3:p:386-405:id:1620
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    More about this item

    Keywords

    Transformation problem; value theory; prices;
    All these keywords.

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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