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A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal

Author

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  • Mariolis, Theodore

Abstract

This 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.

Suggested Citation

  • Mariolis, Theodore, 2006. "A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal," MPRA Paper 24019, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:24019
    as

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    File URL: https://mpra.ub.uni-muenchen.de/24019/1/MPRA_paper_24019.pdf
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    References listed on IDEAS

    as
    1. Bidard, Christian, 1997. "Pure Joint Production," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 685-701, November.
    2. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    3. Steedman, Ian & Metcalfe, J S, 1981. "On Duality and Basic Commodities in an Open Economy," Australian Economic Papers, Wiley Blackwell, vol. 20(36), pages 133-141, June.
    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. Simon Mohun, 1993. "Response to Steedman's Reply," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 28(2), pages 248-250, July.
    6. Simon Mohun, 1993. "A note on Steedman's " Joint production and the 'new solution' to the transformation problem"," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 28(2), pages 241-246, July.
    7. Ulrich Krause, 1981. "Heterogeneous Labour and the Fundamental Marxian Theorem," Review of Economic Studies, Oxford University Press, vol. 48(1), pages 173-178.
    8. Mariolis, Theodore, 2006. "A Critical Note on Marx’s Theory of Profits," MPRA Paper 24044, University Library of Munich, Germany.
    9. Mohun, Simon, 1994. "A Re(in)statement of the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 391-412, August.
    10. Mohun, Simon, 2000. "New Solution or Re(in)statement? A Reply," Cambridge Journal of Economics, Oxford University Press, vol. 24(1), pages 113-117, January.
    11. Theodore Mariolis, 2004. "Pure joint production and international trade: a note," Cambridge Journal of Economics, Oxford University Press, vol. 28(3), pages 449-456, May.
    12. Ian Steedman, 1999. "Production of Commodities by Means of Commodities and the Open Economy," Metroeconomica, Wiley Blackwell, vol. 50(3), pages 260-276, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Abstract social labour; heterogeneous labour; New Approach; transformation problem;

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - 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; Kaleckian

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