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The Controversy on Value Transformation and New Dynamic Solution
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TitleThe Controversy on Value Transformation and New Dynamic Solution  
AuthorCheng Enfu, Ma Yan and Yan Jinqiang  
OrganizationAcademy of Marxism Chinese Academy of Social Science,The School of Economics of SUFE,Shanghai University of Finance and Economics,, 
Key WordsValue Transformation; Theoretical Path; Dynamic Model 
AbstractMarx's contribution on the value transformation "breaks the limitation of the previous labor value theory by establishing a scientific labor value theory ", and outshines the value theory of Western economics, which is groundless. The exploration and debate on Marx's value transformation theory is still going on after Marx. Some western scholars question and challenge the value transformation theory of Marxism, meanwhile, Marxist scholars and supporters make strong rebuttals on these questions. The debate lasts for over one hundred years, resulting in "five solutions", with focus on "seven issues". And "the proposition of two equations" lies in the core. However there is no consensus on these issues so far. The main reasons are as follows: most of the researches on value transformation are confined to static and incomprehensive analysis, focusing on only one specific stage. In other words, dynamic and comprehensive analysis from the historical perspective should be applied in the research. For the lack of correct methods of analysis, scholars get different conclusions and fail to reach on consensus. All the problems stem from the limitations of historical background and the assumptions of Marxist theory. After Marx, Once the change or beyond these assumptions, This will inevitably lead to the challenge to "the proposition of two equations". In this paper, we will relax three assumptions of Marx, and construct dynamic model of transformation value which can be applies to examine various situations that may arise in the process of transformation, which will put the previous researches into the framework of dynamic transformation and try to end the endless debate. Also it provides an interpretation for practical economic activities from the perspective of Marxist economics, like the law of average profit rate and the industrial structure evolution. 
Serial NumberWP263 
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