Value, Price and the Transformation Problem

Abstract

At the centre of controversies in Marxist economics has been the so-called transformation problem. Disagreements over its nature and its ‘solution’ have wide implications, for each treatment of the transformation problem contains a different understanding of Marxist method. These differences in method have to be recognised since, not surprisingly, they are the source of further theoretical differences which at first appear to bear little or no direct relation to the transformation problem as such.