Abstract
This paper argues that a proper distinction between the equalisation of profit rates and the transformation of values into prices of production should be drawn. Whereas the former is a temporal process occurring at the surface level of the economy through inter-sectoral capital transfer, the latter, underpinned by the former, is concerned with the atemporal categorical derivation of price of production from value, leading to a more complex and concrete snapshot of the economy. On this basis and by bringing capital transfer into the analysis, some notable interpretations on Marx’s transformation procedure are critically examined, especially their framing of the transformation problem as algebraically calculating prices of production as the centre-of-gravity prices directly from values without involving intermediate steps.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
