Thank you Ian for the slides, though they tell me little that is not also in the paper. I think you give the right reasons for the consistency of the pure model, which is a good basis for building up a picture of the economy step by step. However, I often miss a clear definition of terms, and so from my point of view the text would improve with a few more descriptors (plus, I am still not in agreement with your concept of equilibrium).
I assume that "technical labour costs" refers to direct labour costs, and that "total labor costs" refers to direct + indirect current (not dated) labour costs (there is still an unresolved problem of how to draw the boundaries of total labor costs implicated in the production of a commodity in a non-arbitrary way).
Let's be aware though that "coexisting labor costs" is also an abstraction (simplification), which disregards the influence of production time, circulation time and reserve stocks, transmission of price-level signals and suchlike. It may be that the "value" of all reproducible products is determined by their total labour cost, but that the determinants are somewhat different for different classes of products (similar to Kalecki's observation that markets for different goods function in different ways, or Marx's distinction between the manufacturing sector, the agricultural sector and the trade sector).
J.
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Received on Wed Mar 9 15:01:47 2011
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