Transformation problem

In 20th century discussions of Karl Marx's economics the transformation problem is the problem of finding a general rule to transform the "values" of commodities (based on labour according to his labour theory of value) into the "competitive prices" of the marketplace. This problem was first introduced by Marx himself in Chapter 9 of Capital's draft Volume III, where he also tried to solve it. The essential difficulty was this: given that he deri... more

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