SOAS Research Online

A Free Database of the Latest Research by SOAS Academics and PhD Students

[skip to content]

Jefferies, Bill (2021) 'Marx’s Forgotten Transformation Solution: The Transformation of Values into Prices of Production in Marx’s Grundrisse and Maksakovsky’s The Capitalist Cycle.' History of Economics Review, 80 (1). pp. 18-37.

[img]
Preview
Text - Published Version
Available under License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 (CC BY-NC-ND 4.0).

Download (1MB) | Preview

Abstract

This article explains that in the Grundrisse Marx considered that the discontinuity in his transformation procedure was no logical inconsistency, but a necessary feature of the disproportionate transition to capitalist production dominated by the accumulation of fixed capital. Pavel Maksakovsky, a Soviet Red Professor in the 1920s, developed a theory of ‘conjuncture’ which probably discovered this discontinuity independently. Marx’s solution to the transformation problem in Capital III did not emphasize this discontinuity. It was criticized by von Bortkiewicz as mathematically flawed and so logically inconsistent and false. Marx and Maksakovsky showed that the discontinuity was a necessary part of the transition from values to prices of production. This explanation has been almost totally ignored in the debate on the transformation problem.

Item Type: Journal Article
SOAS Departments & Centres: Departments and Subunits > Foundation College
ISSN: 10370196
DOI (Digital Object Identifier): https://doi.org/10.1080/10370196.2021.1952004
Date Deposited: 10 Sep 2021 14:21
URI: https://eprints.soas.ac.uk/id/eprint/35499

Altmetric Data

Statistics

Download activity - last 12 monthsShow export options
Downloads since deposit
6 month trend
267Downloads
6 month trend
55Hits
Accesses by country - last 12 monthsShow export options
Accesses by referrer - last 12 monthsShow export options

Repository staff only

Edit Item Edit Item