Re-framing the Theory of Absolute Ground Rent: a Value Analysis

This work reads (into) Resnick-Wolff’s theory of wages ( knowledge and class: 1987) and follows through it’s logical consequences for Marxian thinking in general and for the overdeterministic school’s line of thought in particular. Followig Ricardo Marxian theory of absolute capitalist ground rent comes out as a logical derivative which prompts and prods this to develop an algebraic presentation of Marxian value-price transformation problematic a task not yet undertaken in the current literature. Resnick Wolff’s theory of wages as we read it simultaneously demolishes a century old consensus view on Marxian theory of price equations. This work denounces these price equations on grounds that are methodological as well as logical ans thrown into doubts as we step out to the intraversed path of formal model building (involving algebra) in the terrain of subsumed class process. There are no milestones to guide except those laid out by Resnick and Wolff. A few signs are inscribed in those milestones and rightly or wrongly we read them and often into them and we begin our journey.