No to your final question Rakesh; but I expect that I will still find an inconsistency in any dynamic formulation of a strict labor theory of value with multiple sectors. Steve At 10:03 AM 3/10/01 -0800, you wrote: >re 5134 >> >> The existing >>technical conditions of production are more or less objective facts, as are >>the living standards of workers, and while they do change, they tend to >>change rather slowly over time, so that not much violence is done to >>reality by taking them as given when explaining the profit rate and >>relative prices. > >Hi Gary, > >How should we go about operationalizing and testing this hypothesis? And >if Ricardo did not think this even before the development of science-based >industry, why should we think so today: "alterations in the quantity of >labour necessary to produce commodities are a DAILY occurence. Every >improvement in machinery, in tools, in builidngs, in raising the raw >material saves labour, and enables us to produce the commodity to which >the improvement is applied with more facility, and consequently its value >alters." (Principles, p. 36, Sraffa's ed; my emphasis). > >One more question: are you and Steve denying that one will get different >unit values and a different profit rate if one uses Alan F's difference >equations instead of Walrasian/Sraffian simultaneous ones? > >Yours, Rakesh Dr. Steve Keen Senior Lecturer Economics & Finance Campbelltown, Building 11 Room 30, School of Economics and Finance UNIVERSITY WESTERN SYDNEY LOCKED BAG 1797 PENRITH SOUTH DC NSW 1797 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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