Value, price and exploitation : the logic of the transformation problem

Simon Mohun and Roberto Veneziani

This paper tries to clarify the logical structure of the relationship between labour values and prices from an axiomatic perspective. The famous 'transformation problem' is interpreted as an impossibility result for a specific interpretation of value theory based on specific assumptions and definitions. A comprehensive review of recent literature is provided, which shows that there are various theoretically relevant and logically consistent alternative interpretations based on different assumptions and definitions.

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Year of publication:	January 21, 2017
Authors:	Mohun, Simon ; Veneziani, Roberto
Publisher:	London : School of Economics and Finance, Queen Mary University of London
Subject:	Value \| Prices \| Transformation problem \| Werttheorie \| Theory of value \| Marxismus \| Marxism \| Arbeitswerttheorie \| Labour theory of value \| Preis \| Price \| Preistheorie \| Price theory