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The Transformation Trinity: Value, Value Form and Price

In: Marxian Economics: A Reappraisal

Author

Listed:
  • Antonino Callari
  • Bruce Roberts
  • Richard Wolff

Abstract

The 1970s saw a flurry of activity, generated by Sraffa (1960), re-examining Marx’s theory/theories of value and price. Sraffa’s work seemed to confirm the reservations about the Marxian relationship between values and prices that a well-known list of authors had proclaimed as the (in)famous ‘transformation problem’. The Sraffian system, exploring fully the mutual determination of production costs and prices of outputs, and capturing the essence of this mutual determination through the device of a standard system, supported the view that Marxian values were either wrong or redundant. This history is rather well known.

Suggested Citation

  • Antonino Callari & Bruce Roberts & Richard Wolff, 1998. "The Transformation Trinity: Value, Value Form and Price," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 4, pages 43-56, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26121-5_4
    DOI: 10.1007/978-1-349-26121-5_4
    as

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