Beyond the Transformation Riddle: A Labor Theory of Value

Abstract

CONTROVERSY OVER the transformation of values into prices of production has raged within Marxism for nearly one century. Shortly after the publication of Volume III of Capital, a few economists, who enjoyed a more advanced knowledge of mathematics than Marx, demonstrated that the rectification of Marx's calculation destroys the possibility of the simultaneous verification of the two famous equalities between social aggregates which Marx postulates.1 One can always question the significance of a system of abstract notions; but when the architect of the system is trapped by a logical flaw in his formalism itself, the triumph of his foes seems absolute.

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