The Transformation Problem: Exposition and Appraisal

Murray Wolfson

Journal of the History of Economic Thought, 1990, vol. 12, issue 2, 179-195

Abstract: Every theory of value has to perform certain tasks. In the narrowest sense, it must explain ratios of exchange on the market. But it must also give an account of social costs and benefits, and their distribution among individuals and groups. Value theory must relate human beings to the physical and biological realities. It must explain the relations between persons and groups. In fulfilling all these tasks, value theory reflects philosophical beliefs about how human beings perceive and react to nature and to each other.

Date: 1990
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