Karl Marx's Two Theories of Value - An Interpretation

The alleged contradiction between the theory of value propounded by Marx in the first volume of Capital with the theory of price determination expounded by him in the Vol. III has been the subject of lively controversy and discussion even from the time Vol. III was not published; vide Engels challenge in the preface of Vol. II of Capital for anybody to solve this "Transformation problem" whose solution is the price determination theory of the Vol. III. About the basic issue and its possible solution Prof. Meek writes as follows. His view may be considered as the latest attempt at reconciliation of these two theories.