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A model of values and prices based on a solution to the transformation problemand the redefinition of key categories of the Marxian labor theory of value
[Un modelo de valores y precios basado en una solución al problema de la transformación y la redefinición de categorías clave de la teoría del valor trabajo marxista]

Author

Listed:
  • Marcelo Andrés Verbeke

    (CITECDE, Instituto de Estudios en Ciencia, Tecnología, Cultura y Desarrollo, Universidad Nacional de Río Negro.)

Abstract

This article presents a comprehensive values and prices formation model based on Marx’s (1992, 1993) labor theory of value within a Temporal Single-System Interpretation (TSSI) framework. This model bases on a new interpretation of the Marxian Fundamental Theorem (FMT) and the Monetary Expression of Labor Time (MELT). If the modification in the dialectical sequence of the formation of the categories and the introduction of the dual determination of socially necessary labor time are accepted, the transformation problem encounters solution in the interpretation of Carchedi and de Haan (1996). Likewise, contemporary approaches reveal the need for a redefinition of key categories of the Marxist labor theory of value to develop a logically coherent model. Thus, the proposed model includes the dimension of the realization problem that commodities face in the market and introduce analytical categories for both production and realization periods. Finally, value category is redefined

Suggested Citation

  • Marcelo Andrés Verbeke, 2022. "A model of values and prices based on a solution to the transformation problemand the redefinition of key categories of the Marxian labor theory of value [Un modelo de valores y precios basado en u," Iberian Journal of the History of Economic Thought, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Dpto. Historia e Instituciones Económicas I., vol. 9(2), pages 81-94.
  • Handle: RePEc:ucm:ijohet:v:9:y:2022:i:2:p:81-94
    DOI: 10.5209/ijhe.81690
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    More about this item

    Keywords

    Karl Marx; Labor theory of value; Transformation problem of values into prices; Realization problem; Category; Exploitation.;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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