The essays in this edited collection, first published in 1986, focus on important debates surrounding the central Marxian problem of the transformation of values into prices. The collection brings together major contributions on the value theory debate from the decade prior to the book’s publication, and assesses the debate’s significance for wider issues. Value theory emerges as much more than a technical relation between labour time and prices, and the structure of the capitalist economy is scrutinised. This is a relevant and comprehensive work, valuable to students, academics and professionals with an interest in political and Marxist economy.

1. Introduction Ben Fine  2. The law of value in Ricardo and Marx Geoffrey Pilling  3. Production, circulation and value Ira Gerstein  4. Transformations of physical conditions of production: Steedman’s economic metaphysics Heiner Ganssmann  5. On Marx’s theory of agricultural rent Ben Fine  6. Sraffa versus Ricardo: the historical irrelevance of the ‘corn-profit’ model Gilbert Faccarello  7. Note: A dissenting note on the transformation problem Ben Fine  8. The logic of prices as values Guglielmo Carchedi