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      Value and Price : Controversy, Stasis, and Possibility

      Published
      research-article
      * ,
      World Review of Political Economy
      Pluto Journals
      value theory, capitalism, transformation problem, Marxist economics
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            Abstract

            Controversy has prevailed since the problem of “transforming” values into prices first emerged in the late 19th century. Progress has, regrettably, been hampered by attempts to “vindicate” Marx’s work exactly, rather than treating him as a pioneer upon whom his successors must build, using the latest scientific methods. To make progress, the question must be faced squarely: what does the value dimension—assuming that we can define it and determine its properties with rigor and precision—actually do? How does a value-theoretic political economy provide superior insights into capitalist laws of motion, which could not be attained by critical study of the empirically received categories (prices, wages, profits, production) alone? Insights from Marx and Engels into the formation of a general balance of the opposing class forces of capitalist society may help us in our search for answers to these questions.

            Content

            Author and article information

            Journal
            10.13169/worlrevipoliecon
            World Review of Political Economy
            WRPE
            Pluto Journals
            2042-8928
            01 December 2021
            : 12
            : 4
            : 436-443
            Author notes
            [* ] Correspondence: David Laibman ( dlaibman@ 123456scienceandsociety.com )
            Article
            10.13169/worlrevipoliecon.12.4.0436
            5a1d183a-abb2-4d17-8593-df7306c8f451
            © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2021

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History
            Page count
            Pages: 8
            Categories
            Marx’s Labour Theory of Value: Value, Price, and the Transformation Problem

            Political economics
            transformation problem,capitalism,Marxist economics,value theory

            References

            1. 1973–1974. “Values and Prices of Production: The Political Economy of the Transformation Problem.” Science & Society 37 (4): 404‒436.

            2. 1984–1985. “Value: A Dialog in One Act.” Science & Society 48 (4): 449–465.

            3. 2002. “Value and the Quest for the Core of Capitalism.” Review of Radical Political Economics 34 (2): 159‒178.

            4. 2018. “Money and Totality: Another Round of Debate on Value Formation and Transformation.” World Review of Political Economy 9 (1): 21‒40.

            5. 2021. “The Theory of Value: Some Notes in Search of a Breakthrough” (Editorial Perspectives). Science & Society 85 (2): 155–161.

            6. 2016. Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the “Transformation Problem.” Boston: Brill.

            7. 2018. “Which Way Forward: Marx’s Theory or Sraffa’s Theory?—A Reply to Laibman.” World Review of Political Economy 9 (2): 148–163.

            8. 1971. “Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem between Marxian Values and Competitive Prices.” Journal of Economic Literature 9 (2): 399–431.

            9. 1960. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.

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