On Mon, Nov 10, 2025 at 09:57 AM, Tom Walker wrote: > > In the Grundrisse Marx first articulated his mature theory and critique of > the law of value
Speaking of the Grundrisse , economists may find of interest William Jefferies's 2021 article, "Marx’s Forgotten Transformation Solution: The Transformation of Values into Prices of Production in Marx’s Grundrisse and Maksakovsky’s The Capitalist Cycle." Ignoring Marx's explanations in the Grundrisse seems to be a widespread trend. *ABSTRACT* This article explains that in the Grundrisse Marx considered that the discontinuity in his transformation procedure was no logical inconsistency, but a necessary feature of the disproportionate transition to capitalist production dominated by the accumulation of fixed capital. Pavel Maksakovsky, a Soviet Red Professor in the 1920s, developed a theory of ‘conjuncture’ which probably discovered this discontinuity independently. Marx’s solution to the transformation problem in Capital III did not emphasize this discontinuity. It was criticized by von Bortkiewicz as mathematically flawed and so logically inconsistent and false. Marx and Maksakovsky showed that the discontinuity was a necessary part of the transition from values to prices of production. This explanation has been almost totally ignored in the debate on the transformation problem. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#39214): https://groups.io/g/marxmail/message/39214 Mute This Topic: https://groups.io/mt/116214508/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
