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Research Question Description of Project a Timeline of the Debate The “Transformation Problem” and the Labor Theory of Value Michael McCormack with Professor Deepankar Basu UMass Economics Undergraduate Research Assistantship The Transformation Problem, by Cyann Brolfe http://fixingtheeconomists.files.wordpress.com/2 013/08/labour_creates_all_wealth.gif Research Question A Timeline of the Debate and Project Conclusions/Implications The transformation problem and the What is the significance of the labor theory of value continue to be transformation of values into 1894 – the most contested aspects of Marxian economics. Based on the research this prices of production in Marxian original semester, the debate is of great economics and the economic sciences formulation of the importance for the theoretical vigor of more generally? the Marxian method. transformation 1896 – Eugene Bohm-Bawerk problem in criticizes Marx's labor theory What remains to be seen is a comprehensive solution to the problem. Capital Volume of value and refutes With so many contesting opinions III, chapter 9 transformation of values to stemming from the Sraffian critique of Description of Project prices Marx, many interpretations do not The literature around the debate provide a resolution to the debate. spanning from Capital Volume III They do, however, attest to how (1894) to the development of the advanced economic theory can be Temporal Single System integrated with Marx's landmark Interpretation of the critique of capital, suggesting a new frontier for political economy and transformation problem (1980s) was heterodox economic theory. surveyed to track the qualitative and quantitative changes that have occurred since Marx's original transformation of values into prices of production.Methods 1907, 1942 – Ladislaus Bortkiewicz makes adjustments to Marx's original algorithm 1971 – Michio Morishima (converting constant and variable capital mathematically expands • The methodology of this from values into prices, not just output the transformation, Role of Student values). The solution is popularized in weakens Labor Theory of assistantship consists of a the United States by Paul Sweezy's The Value to have consistent semi-chronological review of the Theory of Capitalist Development in 1942. algorithms, maintains The student prepared summaries debate surrounding the exploitation of each interpretation of the transformation problem problem, analyzing the • qualitative and quantitative Qualitative synopses of each aspects of arguments. A critical critique/adjustment to the analysis of the debate that transformation problem were summarizes the literature in an combined with quantitative understanding way was the main recreations of the economists' Recent Responses within Marxian task for the student. mathematical arguments to track economics to Steedman's Critique Quantitative recreations of the the development of the debate 1. Overdeterminist/Althusserian: arguments were undertaken by the beginning with Marx's original 1977 – Using Piero Sraffa's Wolff et al. (1981) professor. The work completed work, Ian Steedman criticizes 2. Iterative Solution: Shaikh calculations. the transformation problem as in this assistantship will • (1978) A comparative analysis between a pseudo-problem, rejects 3. New Interpretation: Foley and assist the professor in writing arguments was also utilized to LTV, sparks intense debate Dumaniél (1982) a journal article or book that among Marxists and non- contextualize the debate's 4. Temporal Single System comprehensively analyzes the Marxist economists Interpretation: Kliman and development since 1892. Freeman (1980s) transformation problem. A recreation of a TSSI model developed by http://cog.kent.edu http://newleftreview.org/static/assets/images/1120303large.jpg Andrew Kliman and Ted McGlone .
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