Re: [OPE-L] transformation

From: Paul Cockshott (clyder@GN.APC.ORG)
Date: Sun Mar 25 2007 - 18:01:19 EDT

Quoting Rakesh Bhandari <bhandari@BERKELEY.EDU>:

> Marx's transformation exercise is important. You even admit that
> prices seem to be hovering between value prices and prices of
> production.

Well obviously it had certain historical importance in the context
of the debate in Ricardian economics in the early 19th century.

We showed that for Britain the profit/wage ratio of industrial sectors
was positively correlated with organic composition, which indicated
some degree of transformation. But David Zachariahs more recent work
shows that whilst this is true of Britain it is not generally true
accross other capitalist countries. Thus our conclusion, that there
was a partial transformation, may turn out to be false for many
capitalist economies.

Paul Cockshott

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