John Ernst wrote [#4591] Given that we are to use an average RRI in computing prices of production, I'm still unclear and repeat my question. "How do you compute the values that are to be transformed from a given set of physical quantities?" I've delayed commenting for extraneous reasons, but the extra time to think has added an extra dimension to my query here. John, should we understand this claim that RRIs are to be equalised as yours, or your take on Marx's? My initial reaction was surprise because I had always taken it for granted that Marx here assumed equalisation of returns calculated over *all* capital employed in a given time period. My additional question is: Doesn't demanding equalisation of RRIs amount to demanding an inter-temporal aspect to the hypothetical long-run equilibrium (in the sense that in the short run one could have different RRIs on different vintages of capital even if average profit rates were equalised)? Many thanks to John for raising this interesting issue, which is certainly quite novel to me. Julian
This archive was generated by hypermail 2b29 : Sun Dec 31 2000 - 00:00:04 EST