Re: [OPE-L] standard commodity

From: Ian Wright (iwright@GMAIL.COM)
Date: Tue Mar 08 2005 - 13:08:55 EST

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Paul and Ajit

I have an initial question for clarification. I thought that the basic
Sraffian price equation (this from memory, so may be wrong):

Ap(1+r) + aw = p

(A = matrix of io coefficients, p = price vector r = scalar profit, a
= labour vector, w  = scalar wage)

expresses wages in terms of a price scalar, so that the net product is
split according to nominal (price) terms, not physical terms. In your
paper, you have the real wage as a vector of commodities. What am I
missing?

Thanks,
-Ian.

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