From: Paul Cockshott (clyder@GN.APC.ORG)
Date: Sun Mar 25 2007 - 18:01:19 EDT
Quoting Rakesh Bhandari <bhandari@BERKELEY.EDU>: > Marx's transformation exercise is important. You even admit that > prices seem to be hovering between value prices and prices of > production. Well obviously it had certain historical importance in the context of the debate in Ricardian economics in the early 19th century. We showed that for Britain the profit/wage ratio of industrial sectors was positively correlated with organic composition, which indicated some degree of transformation. But David Zachariahs more recent work shows that whilst this is true of Britain it is not generally true accross other capitalist countries. Thus our conclusion, that there was a partial transformation, may turn out to be false for many capitalist economies. Paul Cockshott www.dcs.gla.ac.uk/~wpc reality.gn.apc.org ---------------------------------------------------------------- This message was sent using IMP, the Internet Messaging Program.
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