Value, Price, and Exploitation: The Logic of the Transformation Problem [chapter]

Simon Mohun, Roberto Veneziani
2018 Analytical Political Economy  
This paper tries to clarify the logical structure of the relationship between labour values and prices from an axiomatic perspective. The famous 'transformation problem' is interpreted as an impossibility result for a speci...c interpretation of value theory based on speci...c assumptions and de...nitions. A comprehensive review of recent literature is provided, which shows that there are various theoretically relevant and logically consistent alternative interpretations based on di¤erent
more » ... d on di¤erent assumptions and de...nitions. JEL: B51.
doi:10.1002/9781119483328.ch10 fatcat:lxzadn276bd45c2tyy6uomjuje