From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Tue Oct 30 2007 - 18:49:59 EDT
Paul, I must say that I am not following your explanation of what is frustrating even in this day age of unleashed capital flows and shareholder value the tendency towards an equal profit rate. I don't get the point about firm death either. Wouldn't there be some tendency for all firms which within a branch are not achieving average profitability to die? Why would that disrupt the tendency to the equal profit rate? I am distracted, and I am asking you to start the argument from scratch. I apologize. I know for years you have said that Marx had no need to transform (just as for years Gil assailed Marx's assumption of price value equivalence, these two points have been defining criticisms for OPE-L, so I want to understand what you are saying because I just don't get the logic of these defining criticisms). So if possible I would just like a post which explains why. Random fluctuations around value are no less likely than random fluctuations around price of production? Sorry to take the discussion back so far. Rakesh
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