Marx's two aggregate invariants and the solution of the transformation problem in a Morishima-type formalism

Norbert Ankri and Pa\"ikan Marcaggi

Papers from arXiv.org

Abstract: The unit value of a commodity, as correctly determined by Michio Morishima's method and its variations, is the sum of the labour-values of its inputs and the direct labour required for its production. However, commodities are sold at their prices of production only when they meet effective social demand and are thereby validated as realised social value. Price determination involves the entire economy and the interconnections among its different branches. This condition gives full meaning to Marx's fundamental equalities, which derive from the law of value and function as invariants governing the economy as a whole. These equalities are necessary, and, once combined with the relevant reproduction constraints and a specified wage basket, sufficient to determine the admissible transformation in the simple reproduction cases examined here. We demonstrate this by starting from Morishima's formalism and returning to a formalism closer to that used by Marx.

Date: 2023-03, Revised 2026-09
New Economics Papers: this item is included in nep-des and nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://arxiv.org/pdf/2303.11471 Latest version (application/pdf)

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:arx:papers:2303.11471

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().