From: Pen-L Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Sat Mar 24 2007 - 09:42:22 EDT
Quoting Rakesh Bhandari <bhandari@BERKELEY.EDU>: > Fred, > You take M as given. But--to ask a question I asked four or five > years ago--how do we know that the market prices of the constant > capital and wage goods bought directly and indirectly with that > initial M were governed by or indeed could have been governed by the > same prices of productions that you derive via your sequential, > "monetary-macro" method predicated on the labor theory of value? Because the M that is taken as given is equal to the long-run center-of-gravity prices of the means of production and means of subsistence, and these long-run center-of-gravity prices are eventually explained as equal to prices of production. Comradely, Fred ---------------------------------------------------------------- This message was sent using IMP, the Internet Messaging Program.
This archive was generated by hypermail 2.1.5 : Sat Mar 31 2007 - 01:00:12 EDT