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

Norbert Ankri and Pa\"ikan Marcaggi

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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 price of production 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 constitute invariants that apply to the economy as a whole. These equalities are necessary to determine prices of production. We demonstrate that they also enable to solve the transformation problem by starting from Morishima's formalism and returning to a formalism closer to that used by Marx.

Date: 2023-03, Revised 2024-10
New Economics Papers: this item is included in nep-des and nep-hme
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