Re: [OPE-L] Ajit's Paper on Sraffa and Late Wittgenstein

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Sat Jun 10 2006 - 06:49:34 EDT 

I think the difference comes down to Ian always using flow
quantities and abstracting from the time duration. Allin and
I are used to processing econometric data in which circumstances
one can not allow oneself such strong abstractions so what
seems all the same to Ian seems a serious problem to us.

-----Original Message-----
From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Ian Wright
Sent: 10 June 2006 05:55
To: OPE-L@SUS.CSUCHICO.EDU
Subject: Re: [OPE-L] Ajit's Paper on Sraffa and Late Wittgenstein

Hi Allin

> I'm afraid we are already well within the realm of sophistry with
> the putative distinction between (a) and (b) above.  The
> dimensionality of the rental charge is unaffected by the choice of
> locution:

In a way this is the point. The simple example responds to your
introduction of a distinction between a "rental charge" and an
"ordinary price". If you understand that this is only a putative
distinction then my point is made.

> Time drops out of neither formulation.

I did not claim that any economic quantity has dimensions 1/time.
However, I think either Paul or you did, in the context of suggesting
that the price of money-capital was "economic nonsense" and "off the
rails".

You now agree that time is in the denominator of both quantities. Your
initial complaint about the price of money-capital was that it was not
quantitifed with respect to time. I explained no price is ever
quantified with respect to time. Nonetheless, a dimensional analysis
of the return to quantities of money-capital supplied is consistent
with the fact that an actual rate of return is received over a period
of time.

> But since neither of us has succeeded in persuading the other in a
> reasonable number of iterations, I feel there is not much point in
> pursuing this particular topic.

I am always willing to admit when I am wrong. In this particular
instance, however, I think the matter is clear. One day, no doubt, the
boot will be on the other foot.

Best wishes,
-Ian.

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