This paper offers a unique Marxian formulation of the transformation of values in prices of production. This formulation-based upon a specific reading of Marx's economics not previously applied to the "transformation problem"-permits a radically new conception and solution to that problem. The...

This paper constructs a specifically Marxian theory of economic crisis from scattered but sufficient theoretical arguments in Marx's work. This theory integrates the following conceptual elements viewed as central: capital accumulation, falling rate of profit, realization problem, the efficiency...

Sraffa's construct, the standard commodity, responds to Ricardo's search for an 'invariable' measure of value, since it is a measurement unit invariant to changes in distribution. But Sraffa suggests that there is no 'counterpart,' no analogous search or needed construct, for the 'problem' of...