Both invariant principles implied by Marx’s law of value are necessary and sufficient to solve the transformation problem through Morishima's formalism

Les deux principes invariants qu’implique la loi de la valeur de Marx sont nécessaires et suffisants pour résoudre le problème de la transformation en partant du formalisme de Morishima

Norbert Ankri () and Païkan Marcaggi ()
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Norbert Ankri: UNIS - Inserm U1072 - Unité de Neurobiologie des canaux Ioniques et de la Synapse - AMU - Aix Marseille Université - INSERM - Institut National de la Santé et de la Recherche Médicale - CNRS - Centre National de la Recherche Scientifique
Païkan Marcaggi: UNIS - Inserm U1072 - Unité de Neurobiologie des canaux Ioniques et de la Synapse - AMU - Aix Marseille Université - INSERM - Institut National de la Santé et de la Recherche Médicale - CNRS - Centre National de la Recherche Scientifique

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Abstract: The unit value of a commodity that Michio Morishima's method and its variations enable to determine correctly, is the sum of the value of the commodities it contains (inputs) and the quantity of labor required for its production. However, goods are sold at their market production price only when they meet a solvent social need that involves the entire economy with its interconnections between the different industrial sectors. This condition gives full meaning to Marx's fundamental equalities, which derive from the law of value and constitute invariants that apply to the economy as a whole. These equalities are necessary to determine market production prices. We demonstrate that they also enable to solve the transformation problem for a simple reproduction system without fixed capital by starting from Morishima's formalism and returning to a formalism closer to that used by Marx.

Keywords: Labor theory of value; Karl Marx; capitalism; profit; surplus value; Théorie de la valeur-travail; Capitalisme; plus-value (search for similar items in EconPapers)
Date: 2023-02-17
New Economics Papers: this item is included in nep-des, nep-his, nep-hme and nep-pke
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