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Both invariant principles implied by Marx's law of value are necessary and sufficient to solve the transformation problem through Morishima's formalism

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  • Norbert Ankri
  • Paikan Marcaggi

Abstract

The unit value of a commodity that Michio Morishima's method and its variations enable to determine correctly, is the sum of the value of the commodities it contains (inputs) and the quantity of labor required for its production. However, goods are sold at their market production price only when they meet a solvent social need that involves the entire economy with its interconnections between the different industrial sectors. This condition gives full meaning to Marx's fundamental equalities, which derive from the law of value and constitute invariants that apply to the economy as a whole. These equalities are necessary to determine market production prices. We demonstrate that they also enable to solve the transformation problem for a simple reproduction system without fixed capital by starting from Morishima's formalism and returning to a formalism closer to that used by Marx.

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  • Norbert Ankri & Paikan Marcaggi, 2023. "Both invariant principles implied by Marx's law of value are necessary and sufficient to solve the transformation problem through Morishima's formalism," Papers 2303.11471, arXiv.org.
    • Handle: RePEc:arx:papers:2303.11471
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    1. Norbert Ankri & Païkan Marcaggi, 2022. "From Marx’s fundamental equalities to the solving of the transformation problem - Coherence of the model [Des égalités fondamentales de Marx à la résolution du problème de la transformation - Cohér," Working Papers hal-03458603, HAL.
    2. Norbert Ankri & Paikan Marcaggi, 2022. "From Marx's fundamental equalities to the solving of the transformation problem -- Coherence of the model," Papers 2210.09097, arXiv.org.
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    1. Norbert Ankri & Païkan Marcaggi, 2023. "Both invariant principles implied by Marx’s law of value are necessary and sufficient to solve the transformation problem through Morishima's formalism [Les deux principes invariants qu’implique la," Working Papers hal-03994960, HAL.

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