Simon Mohun , Queen Mary University of London Roberto Veneziani , Queen Mary University of London
January 1, 2017
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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.
J.E.L classification codes: B51
Keywords:Value, Prices, Transformation problem