Value and Price

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


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).


Price Equation Labour Power Organic Composition Transformation Problem General Equilibrium Problem 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1990

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  • Meghnad Desai

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