On Wed, 16 Jan 2002, Gil Skillman wrote: > >Is it possible to move between microeconomic and macroeconomic analysis in > >a systemic fashion w/o law of value? > > If the only analytical criterion sought is the ability to "move between > micro and macro analysis in a systemic fashion," the answer is clearly yes > on simple empirical grounds. If the criterion, as suggested above, is the > ability to provide theoretical accounts of the FROP or the reserve army of > the unemployed, again yes, on the same grounds. The real question is > whether the "law of value" has anything uniquely valid to offer to the task > of developing an integrated treatment of micro and macro phenomena. If so, > what is it? Hi Gil, In brief answer to your question, Marx's theory explains the determination of the general rate of profit on the basis of law of value at the macro level, which is then taken as given in the determination of prices of production at the micro level. No other theory is able to make this crucial connection. Comradely, Fred
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