From: GERALD LEVY (gerald_a_levy@MSN.COM)
Date: Thu Nov 08 2007 - 07:44:02 EST
>Yes all of these maybe true, but these are the purview of cognitive >psychology not of political economy. Hi Paul: Insofar as there are temporal and spatial causes for the periodic and systematic variation between value and market price, this is related to demand and that topic is within the purview of political economy. Insifar as expectations can affect prices, this is a matter of *social* psychology and that also is within the purview of political economy *more concretely considered* and connected to changes that occur over the course of the trade cycle. In solidarity, Jerry >There are a # of problems with this conception, including: >-- what a good "normally" sells for changes over the course of the trade >cycle. >-- what a good "normally" sells for is related to the form of >competition in a market, > e.g. is there product differentiation, monopoly power, etc? >-- what is considered "normal" depends, in part, on (subjective) >expectations. >-- standards of what is considered to be "normal" vary spatially (and, >as >noted above, temporally).
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