From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Tue Jun 01 2004 - 06:12:38 EDT
Rakesh, I have no idea what is this about. Can we stick to the issues we are debating? Cheers, ajit sinha --- Rakesh Bhandari <rakeshb@STANFORD.EDU> wrote: > Ajit, > the measuring rod does not remain invariant to the > distribution of > income only if the measuring rod, money, belongs in > the system in > which the rate of profit is equalized, that is, if > money is like most > other commodities in that (as I have argued) its > supply can be > regulated such its production yields neither more > nor less than the > average rate of profit over time. All the apparent > changes in the > size of the pie from mere changes in distribution > only result if one > assumes that the measuring rod should belong to the > system in and > over which the rate of profit is equalized. But > money does not belong > there. Malthus was able to create problems for > Ricardo because he got > Ricardo to accept that gold is like all other > commodities in that its > production will tend to yield the average rate of > profit over time. > But Ricardo realized that gold was not like other > commodities. I > have already quoted Ricardo's recognition of this, > but he did not > dwell on it (see p. 193-4 of Sraffa's ed. of > Ricardo's Principles). > There was no reason to search for an invariable > measure of value. > Malthus burdened Ricardo with a false problem. > Rather than negating > the question, Sraffa tried to solve it with the > invention of a > standard commodity which has no real world relevance > (it changes with > each technical change; it is not money; it's only an > example of > technical virtuosity and thus can only have the > appeal of esoterica). > Sraffa's time was wasted by Ricardo's inability to > shrug off Malthus' > baseless assumptions about what you call the > measuring rod. Michele > Naples first made this argument; David Yaffe had > intimated it. I have > added to it in my own way, so has Fred Moseley. > You're not grappling > with it. > Yours, Rakesh __________________________________ Do you Yahoo!? Friends. Fun. Try the all-new Yahoo! Messenger. http://messenger.yahoo.com/
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