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The transformation of values into prices on the basis of random systems revisited: reply to my commentators

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  • Bertram Schefold

    (Johann Wolfgang Goethe-Universität)

Abstract

This paper defends The Transformation of Values into Prices on the Basis of Random Systems, published in EIER, by answering to the Comments made in the same journal by Professors Mori, Morioka and Yamazaki. The clarifications mainly concern the justification of the randomness assumptions, the conditions needed to obtain the equality of total profit with total surplus value in the simplified one-industry system and the invariance of the results to changes in the units of measurement.

Suggested Citation

  • Bertram Schefold, 2021. "The transformation of values into prices on the basis of random systems revisited: reply to my commentators," Evolutionary and Institutional Economics Review, Springer, vol. 18(1), pages 317-334, April.
    • Handle: RePEc:spr:eaiere:v:18:y:2021:i:1:d:10.1007_s40844-020-00174-1
    DOI: 10.1007/s40844-020-00174-1
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    References listed on IDEAS

    as
    1. Bertram Schefold, 2013. "Approximate surrogate production functions," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(5), pages 1161-1184.
    2. Schefold, Bertram, 2016. "Marx, the Production Function and the Old Neoclassical Equilibrium: Workable under the Same Assumptions? With an Appendix on the Likelihood of Reswitching and of Wicksell Effects," Centro Sraffa Working Papers CSWP19, Centro di Ricerche e Documentazione "Piero Sraffa".
    3. Masashi Morioka, 2019. "The transformation problem under positive rank one input matrices: on a new approach by Schefold," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 303-313, December.
    4. Kenji Mori, 2019. "A comparison of the stochastic approach to the transformation problem with Marx’s original assumptions," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 315-317, December.
    5. Bertram Schefold, 2019. "The transformation of values into prices on the basis of random systems revisited," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 261-302, December.
    6. Kiichiro Yagi, 2019. "Special feature: workshop on random system solution of the transformation problem: discussion with Prof. Bertram Schefold," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 259-260, December.
    7. Yoshihiro Yamazaki, 2019. "Profit and value in a random system: interpretation of professor Schefold’s 2016 article," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 319-325, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Marxian economics; Transformation problem; Capital theory; Sraffian economics; Profits and distribution;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis

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