A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal
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.
|Date of creation:||Jun 2006|
|Date of revision:|
|Publication status:||Published in Indian Development Review: An International Journal of Development Economics 1.4(2006): pp. 23-37|
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- Mariolis, Theodore, 2006. "A Critical Note on Marx’s Theory of Profits," MPRA Paper 24044, University Library of Munich, Germany.
- 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.
- Bidard, Christian, 1997. "Pure Joint Production," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 685-701, November.
- Shaikh,Anwar M. & Tonak,E. Ahmet, 1997. "Measuring the Wealth of Nations," Cambridge Books, Cambridge University Press, number 9780521564793.
- Ian Steedman, 1999. "Production of Commodities by Means of Commodities and the Open Economy," Metroeconomica, Wiley Blackwell, vol. 50(3), pages 260-276, October.
- Steedman, Ian & Metcalfe, J S, 1981. "On Duality and Basic Commodities in an Open Economy," Australian Economic Papers, Wiley Blackwell, vol. 20(36), pages 133-41, June.
- Mohun, Simon, 2000. "New Solution or Re(in)statement? A Reply," Cambridge Journal of Economics, Oxford University Press, vol. 24(1), pages 113-17, January.
- 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.
- 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.
- Glick, Mark & Ehrbar, Hans G, 1987. "The Transformation Problem: An Obituary," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 294-317, December.
- 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.
- Krause, Ulrich, 1981. "Heterogeneous Labour and the Fundamental Marxian Theorem," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 173-78, January.
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