In New Writings


Marx’s solution to the “transformation of the values of commodities into prices of production” has been criticized by the neoRicardians because “even if inputs prices are transformed, Marx’s ‘solution’ is internally inconsistent”. Steedman argues that Marx’s procedure is inconsistent because he “assumes that S/(C+V) is the rate of profit but then derives the result that prices diverge from values, which means precisely, in general, that S/(C+V) is not the rate of profit”. Steedman goes on and states that “adherents to Marx’s ‘solution’ never attempt a direct reply to the above criticism. The reason is simple; the criticism is sound and cannot be answered”.


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