Journal of Economic Surveys, volume 31, issue 5, pages 1387-1420

VALUE, PRICE, AND EXPLOITATION: THE LOGIC OF THE TRANSFORMATION PROBLEM

S Mohun ¹

Roberto Veneziani ²

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School of Business and Management; Queen Mary University of London |

School of Economics and Finance; Queen Mary University of London |

Publication type: Journal Article

Publication date: 2017-10-25

Wiley

Journal: Journal of Economic Surveys

scimago Q1

SJR: 2.630

CiteScore: 11.3

Impact factor: 5.9

ISSN: 09500804, 14676419

DOI: 10.1111/joes.12223

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Economics and Econometrics

Abstract

This paper tries to clarify the logical structure of the relationship between labor values and prices from an axiomatic perspective. The famous “transformation problem” is interpreted as an impossibility result for a specific interpretation of value theory based on specific assumptions and definitions. A comprehensive review of recent literature is provided, which shows that there are various theoretically relevant and logically consistent alternative interpretations based on different assumptions and definitions.

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Publisher

Wiley

Journal

Journal of Economic Surveys

scimago Q1

SJR

2.630

CiteScore

11.3

Impact factor

5.9

ISSN

09500804 (Print)

14676419 (Electronic)

VALUE, PRICE, AND EXPLOITATION: THE LOGIC OF THE TRANSFORMATION PROBLEM

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