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VALUE, PRICE, AND EXPLOITATION: THE LOGIC OF THE TRANSFORMATION PROBLEM
Author(s) -
Mohun Simon,
Veneziani Roberto
Publication year - 2017
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/joes.12223
Subject(s) - impossibility , axiom , mathematical economics , interpretation (philosophy) , economics , value (mathematics) , transformation (genetics) , perspective (graphical) , econometrics , mathematics , positive economics , computer science , biochemistry , statistics , chemistry , geometry , political science , law , gene , programming language
This paper tries to clarify the logical structure of the relationship between labor 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.