Abstract

The transformation problem is one of the basic features of the marxist discourse and of its critique o1~ Classical economics. The Bortkiewicz solution to the error in the algebraic formulation of this problem involves strict speci-fications of the numéraire used to express prices and values. This paper aims at showing that these specifications not only do not contradict Marx’s monetary theory, but really implies it once we abandon labour as the substance which determines value. The paper also suggests that money as the “general equiv-alent” is the true medium trough which transformation is possible and should substitute for “labour” in expressing the idea of a “social energy” which determines capitalistic exchange-values.