Marxist Theory Of Value Review Of The Transformation Problem

The Volume III of "Das Kapital" has been attacked and criticised by western economists, since it was published. They claim that Marx's value transformation was "scientific suicide", and knolled the passing bell of Marxism. They thought Marxist theory of production price and the theory of labor value are irreconcilable, and denied the inter-coherence of value and production price. Some scholars, like Samuelson, even derived value from the price system, and denied labor theory of value, claiming "labor theory of value is an unnecessary detour". However, the labor value theory is the cornerstone of Marxist economics theory, and is the peak of classical value theory. Value transformation is the bridge of Marxist labor theory of value and price, which is the most critical and central part of the Marxist economics. Therefore, correctly understanding the value transformation has great theoretical and practical meaning for us to uphold and develop Marxist economics, maintaining its scientific nature.Starting from the the origin of value transformation, taken referrence the relative researches both from home and abroad, this paper puts forward its own views. It regards that on the value transformation, value is definitely the startpoint of our research.Westem scholars, like Samuelson, Steedman, starts from price, which is put the cart before the horse.Therefore, their criticise is untenable. In China, most scholars believe that the value of Marx's transformation is indubitable. However, because Marx believed that it was no necessary for a further study then, and left the absence of a complete certification. From a macro perspective, on the basis of the existing theory, the author made a further amendment, and analyzed the process and substance of value transformation. In the end, the author set up equations and proved the two equations. That the total profit is equal to the total residual value, and the total production price is equal to the total value.