Neither Equilibrium as Such nor as Abstraction: Debating Fred Moseley’s Transformation¹

Fred Moseley’s interpretation of Marx’s Capital (focusing on the transformation of values into prices of production) is taken as a critical point of departure, especially for its treatment as an analysis of equilibrium. Instead, through extensive reference to previous work, a dynamic interpretation is offered of the transformation, locating it in relation to abstraction in Marx’s political economy (and its antipathy to equilibrium) and to Marx’s theory of the dynamics of capital accumulation as presented throughout the three Volumes of Capital.