Is Marx theory of value outdated for an understanding of contemporary capitalism? Using text analysis, this essay claims that Marx’s transformation of values into prices could be seen as coherent. In the first part Marx's value theory and an account of his transformation of values into prices is presented. After that follows Bortkiewicz’s criticism, which has subsequently come to be called the transformation problem. Then a brief review of the neo-ricardian or sraffian development of the criticism of the theory of value is presented. The main object of the paper, the temporal single system interpretation, TSSI, believes that all the criticism of Marx's transformation of values into prices can be traced back to Bortkiewicz’s "correction" of the theory. Until today the tools for his correction, equilibrium analysis and the simultaneous approach, have been the basis for criticism against the transformation of values into prices. TSSI represents an interpretation which sees Marx's value theory as logically coherent, a theory that is temporal with one system of values and prices, where both are expressed in money. By showing how the tools for Bortkiewicz’s correction are incompatible with Marx's theory of value the TSSI refute what they call the myth of the logical inconsistency of Marx's value theory. They also argue that TSSI's vindication of the value theory paves the way for future research in which Marx's value theory is theoretically applicable.
展开▼
