[OPE] classical macrodynamics and the labor theory of value

BTW There's quite a lot in Ian's paper that I would go along with. I think
that, logically speaking, you would have to, if you are committed to some
kind of LTV. He shows that, even if you try to operationalize the theory in
a simplified way with a highly abstract model using a small set of relevant
variables, it already gets credible quantative results which match what you
would expect. That is pretty amazing in itself. But I also think the
concepts are really less simple than his paper represents, and, in practice,
e.g. techniques of vertically integrating labor coefficients are much more
problematic than the neo-Sraffians make out. The whole paper could in any
case be rewritten without any reference to equilibrium; one could just
mention a condition of stable economic reproduction. The theory of dynamics
does not absolutely require any equilibrium concept; the explanation of
historical trends requires only some measuring constants.

Jurriaan

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Received on Mon Feb 7 06:14:34 2011