From: gerald_a_levy (gerald_a_levy@msn.com)
Date: Wed Mar 12 2003 - 21:43:31 EST
Re [8592]: > FROP may also emerge under > alternative mechanisms of price determination consistent with the > steady-state condition that equates input and output prices. For example, > if you abandon the auction-style Walrasian model of equilibrium wage > determination for one based on a certain form of sequential matching (more > relevant for the analysis of labor markets, if you ask me), then a FROP > can be shown to emerge in equilibrium without any differentiation between > input and output prices. If interested, see my October 1997 > Metroeconomica article demonstrating this. It generalizes and provides a > microfoundation for earlier results by Foley and Laibman, who both in > effect assume that the wage share of net product is invariant to > technical change. Hi Gil. Can you show, though, a fall in the general rate of profit _and_ a rising rate of surplus value? In solidarity, Jerry
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