‘Transformation’ and the Monetary Circuit

Riccardo Bellofiore

Chapter 5 in The Culmination of Capital, 2002, pp 102-127 from Palgrave Macmillan

Abstract: Abstract One of the more debated issues in Marxian theory is the relationship between Volume I and Volume III of Capital. Indeed, since the publication of Volume III, the thesis according to which there is a ‘contradiction’ between the two books has been one of the favourite arguments of Marx’s critics. The main point is, of course, Marx’s presumed failure to ‘transform’ exchange-values into prices of production.1 The charge has been repeated again and again over the last century, beginning with Bortkiewicz and Dmitriev and ending with contemporary Neoclassicals like Samuelson, or Neo-Ricardians like Steedman. While Marx thought that exchange-values were the necessary starting points in the deduction of prices of production, these critics maintain that exchange-values are redundant. Prices, including a uniform rate of profit among industries, can be reached directly with the technological matrix and the real wage taken as givens.

Keywords: Real Wage; Commodity Market; Surplus Labour; Wage Bill; Money Wage (search for similar items in EconPapers)
Date: 2002
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59709-9_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230597099

DOI: 10.1057/9780230597099_5

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().