The problem is that the hypothetical state of equilibrium in a capitalist
economy is bullshit. I wonder if the efforts to support the Marxian theory in
these terms are of any worth. After all, equilibrium economists are facing an
increasing discredit in the profession.
A. Agafonow
________________________________
De: Dave Zachariah <davez@kth.se>
Para: Outline on Political Economy mailing list <ope@lists.csuchico.edu>
Enviado: vie,3 diciembre, 2010 18:04
Asunto: [OPE] Linear transformation between equilibrium prices and labour values
Perhaps one should clarify what Ian Wright has accomplished with respect
to the age-old transformation problem.
If one accepts a hypothetical state of equilibrium in a capitalist
economy in which the flow rates of profits of each industrial sector are
equal so that the equilibrium prices are:
p = (1+r) (pA + lw),
then Ian has found a linear transformation between these hypothetical
prices and standard Marxian labour values, call them v, that is
completely determined by the properties of the system.
p = v T
where the matrix T = [ (I-A) ( I - (A+C) )^-1 w ] and C is the matrix
of rentier consumption coefficients (by lending capital to each sector).
Thus in the hypothetical equilibrium state, it is C that makes prices
systematically diverge from labour values.
Ref: http://sites.google.com/site/ianwrightphd/Home/political-economy
//Dave Z
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Received on Fri Dec 3 22:15:59 2010
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