The Transformation Problem Solved?

J S Szumski

Cambridge Journal of Economics, 1989, vol. 13, issue 3, 431-52

Abstract: The so-called general transformation problem is introduced and it is shown that any actual economy of multiproduct firms, with joint production and technical change, is traceable to a corresponding labor theory of value economy of labor values, and unrewarded labor as profits. Conversely, the labor theory of value economies are transformable into the economies of prices and profits, and profits, by means of prices of labor, can be distributed at will--including the celebrated case of equalized profit rates, even negative profits in some or all units. All economies are therefore labor theory of value economies distorted by prices. The author claims to have solved the transformation problem and that his work validates the labor theory of value--in the spirit of David Ricardo and Karl Marx, but without Marx's tools. Copyright 1989 by Oxford University Press.

Date: 1989
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