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A comparison of the stochastic approach to the transformation problem with Marx’s original assumptions

  • Kenji MoriEmail author
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Abstract

The stochastic solution provided by Prof. Schefold proposes, by allowing variables to be random, three conditions which should be sufficient for the solution to the transformation problem. These three assumptions are not only added to Marx’s original (implicit or explicit) assumptions, but they also change some essential part of his original argument. This paper will take up in particular two examples of major alteration arranged by the stochastic approach.

Keywords

Transformation problem Stochastic approach Marx Money form Machinery 

JEL Classification

B1 B3 B4 

Notes

References

  1. Marx K (1954) Capital, vol I. Progress Publishers, MoscowGoogle Scholar
  2. Marx K (1956) Capital, vol II. Progress Publishers, MoscowGoogle Scholar
  3. Marx K (1982) Zur Kritik der politischen Ökonomie (Manuskript 1861–1863). Marx-Engels-Gesamtausgabe, II. Abteilung, Band 3, Teil 6. Dietz Verlag, Berlin. (abbr. MEGA II/3.6)Google Scholar
  4. Schefold B (2014) Profits equal surplus value on average and the significance of this result for the Marxian theory of accumulation. Camb J Econ 40(1):165–199CrossRefGoogle Scholar
  5. Schefold B (2019) The transformation of values into prices on the basis of random systems revisited. Karl Marx 200–International Symposium Tokyo, December 22–23, 2018. Second DraftGoogle Scholar

Copyright information

© Japan Association for Evolutionary Economics 2019

Authors and Affiliations

  1. 1.Graduate School of Economics and ManagementTohoku UniversitySendaiJapan

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