Title: Labour values and the problem of transformation
Abstract: The debate over ‘transformation’ is not purely theoretical; it is not only concerned with the problem of the transformation of labour values into prices of production, but also with Marx's definition of the rate of profit. However, the current theory of production prices shows that they are determined simultaneously with profit and thus are independent of labour values. The famous formula given by Marx as the definition and the basis to calculate the average rate of profit is therefore wrong (except in specific cases). It is possible, however, to enhance the relation (that is different from Marx's) between a properly defined rate of profit and the rate of exploitation.
Publication Year: 1997
Publication Date: 1997-02-06
Language: en
Type: book-chapter
Indexed In: ['crossref']
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