Thursday, November 13, 2008

The Transformation Problem ? Bye Bye Bortkiewicz

In 20th century discussions of Karl Marx's economics the transformation problem is the problem of finding a general rule to transform the "values" of commodities (based on labour according to his labour theory of value) into the "competitive prices" of the marketplace.

Watch Brendan M Cooney's videos to get an answer to this problem and how Bortkiewicz got it wrong !

I wish I had this video before reading “Reclaiming Marx’s Capital” by Andrew Kliman, however for those wanting to follow up on Brendan M Cooneys video Andrew Kliman's book will be a lot easier after watching this video..

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