The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Transformation Problem

  • E. K. Hunt
  • Mark Glick
Reference work entry


The ‘transformation problem’ is at the heart of the Marxian labour theory of value. The topic has always been the subject of sharp controversy. The controversy reflects not only the general ideological conflicts that surround all Marxist ideas, but also the disagreement among Marxists themselves about the nature of the labour theory of value. After defining the problem in Marx’s terms, we first present Marx’s solution and the claims which he makes regarding its properties. This discussion is then followed by a brief critical review of the various solutions which have been proposed since Marx.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • E. K. Hunt
    • 1
  • Mark Glick
    • 1
  1. 1.