IDEAS home Printed from https://ideas.repec.org/a/taf/rherxx/v80y2021i1p18-37.html
   My bibliography  Save this article

Marx’s Forgotten Transformation Solution: The Transformation of Values into Prices of Production in Marx’s Grundrisse and Maksakovsky’s The Capitalist Cycle

Author

Listed:
  • William Jefferies

Abstract

This article explains that in the Grundrisse Marx considered that the discontinuity in his transformation procedure was no logical inconsistency, but a necessary feature of the disproportionate transition to capitalist production dominated by the accumulation of fixed capital. Pavel Maksakovsky, a Soviet Red Professor in the 1920s, developed a theory of ‘conjuncture’ which probably discovered this discontinuity independently. Marx’s solution to the transformation problem in Capital III did not emphasize this discontinuity. It was criticized by von Bortkiewicz as mathematically flawed and so logically inconsistent and false. Marx and Maksakovsky showed that the discontinuity was a necessary part of the transition from values to prices of production. This explanation has been almost totally ignored in the debate on the transformation problem.

Suggested Citation

  • William Jefferies, 2021. "Marx’s Forgotten Transformation Solution: The Transformation of Values into Prices of Production in Marx’s Grundrisse and Maksakovsky’s The Capitalist Cycle," History of Economics Review, Taylor & Francis Journals, vol. 80(1), pages 18-37, September.
    • Handle: RePEc:taf:rherxx:v:80:y:2021:i:1:p:18-37
    DOI: 10.1080/10370196.2021.1952004
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10370196.2021.1952004
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10370196.2021.1952004?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rherxx:v:80:y:2021:i:1:p:18-37. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rher .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.