Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/184764
Authors: 
Mohun, Simon
Veneziani, Roberto
Year of Publication: 
2017
Series/Report no.: 
Working Paper 813
Abstract: 
This paper tries to clarify the logical structure of the relationship between labour values and prices from an axiomatic perspective. The famous 'transformation problem' is interpreted as an impossibility result for a specific interpretation of value theory based on specific assumptions and definitions. A comprehensive review of recent literature is provided, which shows that there are various theoretically relevant and logically consistent alternative interpretations based on different assumptions and definitions.
Subjects: 
Value
Prices
Transformation problem
JEL: 
B51
Document Type: 
Working Paper
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