Cookies Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

18. Value and Prices of Production (A Logical Interpretation)

Brill’s MyBook program is exclusively available on BrillOnline Books and Journals. Students and scholars affiliated with an institution that has purchased a Brill E-Book on the BrillOnline platform automatically have access to the MyBook option for the title(s) acquired by the Library. Brill MyBook is a print-on-demand paperback copy which is sold at a favorably uniform low price.

Access this chapter

+ Tax (if applicable)

Chapter Summary

The transformation of values into production prices, a subject to which Marx devoted fewer than twenty pages, is generally considered to be the Achilles' heel of the Marxist theory of value. Economists - Marxists and non-Marxists alike - have especially focused on the mathematical aspect of the problem. This chapter first presents the transformation problem as Marx outlines it, and indicates the key ideas that form the basis of the interesting mathematical solutions. It then formulates a new interpretation. Production prices constitute relative centres around which prices oscillate. These are relative centres, since production prices themselves oscillate around a universal centre, namely, value. The chapter concludes by raising the question: Is the relation between abstract labour at the level of society, including in its quantitative dimension, and the 'laws of the market', not better grasped using this syllogistic system?

Keywords: abstract labour; exchange value; Marxist theory; production prices



Can't access your account?
  • Tools

  • Add to Favorites
  • Printable version
  • Email this page
  • Recommend to your library

    You must fill out fields marked with: *

    Librarian details
    Your details
    Why are you recommending this title?
    Select reason:
    Time in Marx — Recommend this title to your library
  • Export citations
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation