From: Ian Hunt (ian.hunt@FLINDERS.EDU.AU)
Date: Thu Sep 06 2007 - 19:37:04 EDT
Dear Jerry, In my paper on the falling rate of profit I have a model with unequal turnover periods of capital. Unhappily it is a simultaneous equation model... Cheers, Ian > >> Marx’s theory, on the other hand, does not require the unrealistic >> assumption that all industries have the same turnover period, and >> therefore is a much more promising approach to understand the >> complexities of price determination in capitalism. > > >Hi Fred: > >Well, how many formal Marxian models (or numerical "illustrations") >incorporate unequal turnover periods among branches of production? >Most of those models don't even incorporate constant fixed capital >(i.e. they are "circulating capital" models) or, if they do, they make >heroic assumptions about the depreciation of the fixed capital. > >In any event, if the issue is to "understand the complexities of price >determination in capitalism" then the focus should be on the real subject >matter (capitalism) rather than simply "Marx's theory". > >In solidarity, Jerry -- Associate Professor Ian Hunt, Dept of Philosophy, School of Humanities, Director, Centre for Applied Philosophy, Flinders University of SA, Humanities Building, Bedford Park, SA, 5042, Ph: (08) 8201 2054 Fax: (08) 8201 2784
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