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The Transformation of Values into Prices of Production in Marx’s Scheme of Expanded Reproduction

Emilio Díaz () and Francisco Velasco

Review of Radical Political Economics, 2016, vol. 48, issue 3, 394-416

Abstract: This paper analyzes the formation of a general rate of profit and the subsequent prices of production in the context of Marx’s two-sector scheme of expanded reproduction. We show that a consistent solution of the transformation problem can be derived by incorporating the original transformation procedure into the inter-temporal equilibrium framework provided by the scheme of accumulation. Previous solutions for the special case of simple reproduction are also examined, and it is shown that all these solutions rest on the restrictive assumption of constant wage rates.

Keywords: transformation problem; scheme of reproduction; accumulation of capital; Karl Marx (search for similar items in EconPapers)
JEL-codes: B14 B16 E11 E20 E21 E22 P16 P17 (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:sae:reorpe:v:48:y:2016:i:3:p:394-416