The problem of commodity price determination in a market-based, capitalist economy has a long and contentious history. Neoclassical microeconomic theories are based typically on marginal utility assumptions, while classical macroeconomic theories tend to be value-based. In the current work, I...

This paper shows that the ‘New Approach’ to the ‘problem of transforming values into prices’, first, is subjected to a crucial logical inconsistency and second, is not in a position to deal with the heterogeneous labour case. Thus, the paper proposes an approach, which overcomes these...

This article presents a critique of the solution of the Temporal Single System Marxism (TSS) for the problem of transforming values into prices, which establishes that values and prices are simultaneously determined in a sucession of periods of production and circulation; the value transferred...

This article shows that the law of value is axiomatic and constitutes the necessary foundation of the system of prices of production, explaining the double character of the commodities, which cost capital for capitalists and labor for workers and the society as a whole. It sustains that...