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Value and Price

  • Meghnad Desai
Part of the The New Palgrave book series (NPA)

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 it if 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).

Keywords

Price Equation Labour Power Organic Composition Transformation Problem General Equilibrium Problem 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 1990

Authors and Affiliations

  • Meghnad Desai

There are no affiliations available

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