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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.

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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.

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