Re: [OPE-L] bubbles and Marxian theories of value

From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Thu Feb 09 2006 - 07:14:55 EST

> Another QUESTION:
> Bubbles reveal a deviation (quantitative difference) between VALUE 
> and PRICE or between PRICE of production and market PRICE?

Hello Giannus!

When one looks at the contemporary world capitalist economy, is price 
of production a stylized fact  which tendencially can be observed or a fiction?  

I have no idea what it would mean to say, more concretely, that there was a 
PoP for "high tech" and Internet  companies when there was a bubble in those 
sectors.  Do you?   What would it mean,  in reference to a housing bubble, to 
speak of a PoP for new and _used_   houses?  There is certainly speculation 
and a credit-financed boom in this sector (and one could claim that it could be 
related to the average RRI on alternative investments), but what evidence is there
that there is a PoP in the used housing market?   How is that determined?

In solidarity, Jerry

PS to Michael P: _which section_ of the chapter on "fictitious capital and
the crisis theory" speaks to both the question I raised and that raised by

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