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

Mariolis, Theodore (2006): A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal. Published in: Indian Development Review: An International Journal of Development Economics , Vol. 4, No. 1 (June 2006): pp. 23-37.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Abstract social labour; heterogeneous labour; New Approach; transformation problem
• Subjects: D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian; D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D57 - Input-Output Tables and Analysis; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C67 - Input-Output Models; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E11 - Marxian ; Sraffian ; Kaleckian

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