Abstract
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.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
Bibliography
Bortkiewicz, L. 1907. Value and price in the Marxian system. Trans. in International Economic Papers No. 2, 1952, 5–61.
Duménil, G. 1980. De la valeur aux prix de production. Paris: Economica.
Duménil, G. 1983–4. Beyond the transformation riddle: A labor theory of value. Science and Society 47(4): 427–450.
Foley, D. 1982. The value of money, the value of labor power and the Marxian transformation problem. Review of Radical Political Economics 14(2): 37–47.
Lipietz, A. 1982. The so-called ‘transformation problem’ revisited. Journal of Economic Theory 26(1): 59–88.
Marx, K. 1867. Capital, vol. I. Harmondsworth: Penguin, 1981.
Medio, A. 1972. Profits and surplus value: Appeareance and reality in capitalist production. In A critique of economic theory, ed. E.K. Hunt and J. Schwartz. New York: Penguin.
Seton, F. 1957. The ‘transformation problem’. Review of Economic Studies 24: 149–160.
Shaikh, A. 1977. Marx’s theory of value and the ‘transformation problem’. In The Subtle anatomy of capitalism, ed. J. Schwartz. Santa Monica: Goodyear.
Shaikh, A. 1984. The transformation from Marx to Sraffa. In Ricardo, Marx, Sraffa, ed. E. Mandel. London: Verso.
Sweezy, P. 1942. The theory of capitalist development. New York: Monthly Review Press, ch. 7.
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Hunt, E.K., Glick, M. (2018). Transformation Problem. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1771
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_1771
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences