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Will do Paul & Ajit,
When you read it, you'll realise why I was so annoyed when Andrew tried to
cast me as a "cardboard cutout Sraffian" when I attempted to debate my
dialectical interpretation of Marx with him.
Cheers,
Steve
At 02:28 PM 9/19/00 +0100, you wrote:
>I would like a copy too
>Paul Cockshott
>Paul@cockshott.com
>----- Original Message -----
>From: Ajit Sinha <ajitsinha@lbsnaa.ernet.in>
>To: <ope-l@galaxy.csuchico.edu>
>Sent: Tuesday, September 19, 2000 7:27 AM
>Subject: [OPE-L:3849] Re: Re: Re: Re: Re: Rational expectations Marxism
>
>
>>
>>
>> Steve Keen wrote:
>>
>> > Here's one where I *disagree* with Ajit!
>> >
>> > For a formal statement as to why, you might check my critique of
>Steedman's
>> > "Questions for Kaleckians" in ROPE: Answers (and Questions) for
>Sraffians
>> > (and Kaleckians)", Review of Political Economy, Vol. 10, No. 1, 73-87.
>>
>> ____________________
>>
>> Steve, I would love to read your piece. Could you send me a copy either
>through
>> e-mail or snail mail? My library has just started to get ROPE, so we have
>only the
>> last two issues or so. My sense is that your paper came out little
>earlier.
>> _____________________
>>
>> > For a brief f'ristance of the argument there, one mainstay of static
>price
>> > theory is that the sum of any column of the input-output matrix must sum
>to
>> > less than one (colloquially; technically, the dominant eigenvalue of the
>IO
>> > matrix must be less than one). Steedman uses this to critique Kaleckian
>> > markup pricing, and it can also be used to rule out any IO matrix which
>> > breaches that rule since the equilibrium price vector it will generate
>will
>> > have negative prices.
>> >
>> > However, in a dynamic context, such a matrix is feasible, since it can
>> > result in rising prices which will always move away from the negative
>> > equilibrium vector. Thus what is not feasible in an equilibrium setting
>is,
>> > in this instance, quite feasible in a dynamic setting.
>>
>> ______________________
>>
>> My question would be what are you measuring your prices in, and how that
>measure
>> remains invariant in the dynamic context. Otherwise you are measuring
>changes with
>> a yard stick that itself is changing. Cheers, ajit sinha
>>
>> >
>> >
>> > However, this does not constitute any support from me for the TSS
>approach,
>> > I might add. I would want to separate out various stages of the dynamic
>> > process--for instance by distinguishing technical change from the
>> > underlying IO dynamics initially, and then introducing technical change
>in
>> > a logically coherent and, if possible, separate representation.
>> >
>> > Cheers,
>> > Steve
>> > At 06:04 PM 9/18/00 +0530, you wrote:
>> > >
>> > >
>> > >clyder wrote:
>> > >
>> > >> > Rakesh is right on target here. The Babbage problem is central to
>the
>> > >> problem
>> > >> > associated with Rational Expectations Marxism. In an economy with
>rapid
>> > >> tech.
>> > >> > change, no one can predict what an appropriate value-depreciation
>should
>> > >> be.
>> > >>
>> > >> Does this not vitiate the whole premise of the formation of a uniform
>rate
>> > >> of profit?
>> > >>
>> > >> Is the idea of a transformation from values to prices of production
>still
>> > >> tenable
>> > >> if the valuation of fixed capital is indeterminate?
>> > >
>> > >____________________
>> > >
>> > >I think a theory of prices is essentially a static problem. There
>cannot be a
>> > >dynamic theory of prices, particularly when technological change is
>taken
>> > into
>> > >consideration. You simply cannot have any means of consistent
>measurement.
>> > >Ricardo did want to have a theory of prices in a dynamic context of
>technical
>> > >change. But all the works have shown that this was "will o' the wisp".
>> > Cheers,
>> > >ajit sinha
>> > >
>> > >
>> > Dr. Steve Keen
>> > Senior Lecturer
>> > Economics & Finance
>> > University of Western Sydney Macarthur
>> > Building 11 Room 30,
>> > Goldsmith Avenue, Campbelltown
>> > PO Box 555 Campbelltown NSW 2560
>> > Australia
>> > s.keen@uws.edu.au 61 2 4620-3016 Fax 61 2 4626-6683
>> > Home 02 9558-8018 Mobile 0409 716 088
>> > Home Page: http://bus.macarthur.uws.edu.au/steve-keen/
>>
>>
>
>
Dr. Steve Keen
Senior Lecturer
Economics & Finance
University of Western Sydney Macarthur
Building 11 Room 30,
Goldsmith Avenue, Campbelltown
PO Box 555 Campbelltown NSW 2560
Australia
s.keen@uws.edu.au 61 2 4620-3016 Fax 61 2 4626-6683
Home 02 9558-8018 Mobile 0409 716 088
Home Page: http://bus.macarthur.uws.edu.au/steve-keen/
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