IAN WRIGHT: The solution to Marx’s transformation problem: my article in the Cambridge Journal of Economics
REBLOG: Ian Wright offers his very interesting solution to the transformation problem
I’m happy to say that my article on Marx’s transformation problem has now been published in the Cambridge Journal of Economics. After a little negotiation with Oxford University Press, I am able to link to a free version of the article from my website. Here it is.
This article is quite theoretical, and I’ve mentioned it previously Here, I want to be a little more blunt, in order to simplify the main message.
First, a frequent claim, both on the right and left of the political spectrum, is that the classical labour theory of value, and especially Marx’s version, is provably false, in virtue of a transformation problem. My paper unequivocally demonstrates the opposite: I prove that equilibrium prices, even in a capitalist economy with positive profits, represent the labour time actually supplied by workers. So the central claim and intent…
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