Abstract
The problem of the relationship between value and price – the so called Transformation Problem – is a central issue in Marxian economics. In one sense it can be posed as a technical or mathematical problem of deriving a set of prices from a given set of value equations. But if it were only a technical problem then it should have a definite answer – either a solution exists or it does not. It is surprising therefore that this problem has continued to attract succeeding generations of economists since the date of publication of volume 3 of Capital in 1894 (Marx 1894).
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Desai, M. (2018). Value and Price. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1815
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1815
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