Jun 17, 2018
The 'transformation problem' is usually conceived as a transformation of individual labour values to individual prices of production. But that's not what Marx's theory of prices of production is about; Marx's theory is about the transformation of aggregate price to individual prices of production and the transformation of the total surplus-value into its individual parts. The standard interpretation misses entirely the all-important macro aspect of Marx's theory and logical method, and the logical priority of the total surplus-value over the individual parts.
Moseley, Fred. Money and Totality: A Macro-Monetary Interpretation of Marx's Logic in Capital and the End of the 'Transformation Problem.' Brill: Leuden 2015. Ch 1, pg. 6