From: Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Sat Sep 08 2007 - 10:07:11 EDT
Quoting ajit sinha <sinha_a99@YAHOO.COM>: > --- Fred Moseley <fmoseley@MTHOLYOKE.EDU> wrote: > >> Ajit, Ricardo and Torrens dealt with unequal ratios >> of fixed capital >> and circulating capital across industries. They did >> not deal with >> unequal turnover perods of circulating capital >> across industries, which >> is what I am talking about. I argue that Sraffa's >> theory requires >> equal turnover periods of circulating capital across >> industries for >> reasons given in my last message. If anyone in the >> Sraffian literature >> has explicitly incorporated unequal turnover period >> of circulating >> capital across industries, please give the >> references. Thanks. >> >> Fred > ________________________ > "It is also to be observed that the circulating > capital may circulate, or be returned to its employer, > in very unequal times. The wheat bought by a farmer to > sow is comparatively a fixed capital to the wheat > purchased by a baker to make into loaves. One leaves > it in the ground, and can obtain no return for a year; > the other can get it ground into flour, sell it as > bread to his customers, and have his capital free to > renew the same, or commence any other employment in a > week." (Ricardo, WORKS, I, p. 31) OK, Ricardo was aware of unequal turnover periods of circulating capital across industries. But he did not deal with this issue in the pages that follow. Instead, his machines-corn-cloth model assumes that all these industries have the same turnover period – one year. And more to the point: Sraffa does not take into account differences in the turnover periods across industries in his theory, not has any other Sraffian to my knowledge. If I am mistaken, please give references. Comradely, Fred ---------------------------------------------------------------- This message was sent using IMP, the Internet Messaging Program.
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