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The "New Solution" to the Transformation Problem: A Sympathetic Critique

Author

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  • Fred Moseley

    (Department of Economics, Mount Holyoke College, S. Hadley MA 01075 fmoseley@mtholyoke.edu)

Abstract

This paper critically evaluates the "new solution" to the transformation as presented by Foley and Dumenil and others, from the perspective of the author's "macro-monetary" interpretation of Marx's theory. The main issue emphasized is the method of determination of the inputs of constant capital and variable capital in Marx's theory-whether these inputs are taken as given as quantities of money capital or derived from given quantities of physical goods.

Suggested Citation

  • Fred Moseley, 2000. "The "New Solution" to the Transformation Problem: A Sympathetic Critique," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(2), pages 282-316, June.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:2:p:282-316
    DOI: 10.1177/048661340003200205
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    References listed on IDEAS

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    1. Freeman, Alan, 1995. "Marx without Equilibrium," MPRA Paper 1207, University Library of Munich, Germany.
    2. 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.
    3. Lipietz, Alain, 1982. "The so-called "transformation problem" revisited," Journal of Economic Theory, Elsevier, vol. 26(1), pages 59-88, February.
    4. Glick, Mark & Ehrbar, Hans G, 1987. "The Transformation Problem: An Obituary," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 294-317, December.
    5. Ramos M. Alejandro, 1998. "Value and Price of Production: New Evidence on Marx’s Transformation Procedure," International Journal of Political Economy, Taylor & Francis Journals, vol. 28(4), pages 55-81, December.
    6. Paolo Giussani, 1991. "The Determination of Prices of Production," International Journal of Political Economy, Taylor & Francis Journals, vol. 21(4), pages 67-86, December.
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    Cited by:

    1. Deepankar Basu, 2017. "Quantitative Empirical Research In Marxist Political Economy: A Selective Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1359-1386, December.

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