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arXiv · 2303.11471

Marx's two aggregate invariants and the solution of the transformation problem in a Morishima-type formalism

Norbert Ankri·Païkan Marcaggi
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Abstract

The unit value of a commodity, as correctly determined by Michio Morishima's method and its variations, is the sum of the labour-values of its inputs and the direct labour required for its production. However, commodities are sold at their prices of production only when they meet effective social demand and are thereby validated as realised social value. Price determination involves the entire economy and the interconnections among its different branches. This condition gives full meaning to Marx's fundamental equalities, which derive from the law of value and function as invariants governing the economy as a whole. These equalities are necessary, and, once combined with the relevant reproduction constraints and a specified wage basket, sufficient to determine the admissible transformation in the simple reproduction cases examined here. We demonstrate this by starting from Morishima's formalism and returning to a formalism closer to that used by Marx.

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Norbert Ankri, Païkan Marcaggi. 2023-03-20. Marx's two aggregate invariants and the solution of the transformation problem in a Morishima-type formalism. https://arxiv.org/abs/2303.11471

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