Paul C asks:
Are you familiar with Farjoun and Machover's demonstration of why, even in a
capitalist economy, labour values will be an attractor for prices?
If you are, why do you reject it?
To which Michael W. replies:
1. I know of it, and have heard some of its alleged arguments second hand, but I
am not familiar with it. No doubt when time and other commitments allow I will
read it.
2. So obviously I do not reject IT.
3. In the meantime, because of my current inability to fathom a possible real
systemic link in a capitalist economy from something which seems to have no
quantitiatively determinate existence independent of systemic exchange -
abstract labour - and something which does - systemic prices, I am not
optimistic about finding a useful (for grasping the dynamic structure of the
capitalst economy) interpretation of F. & M's results. But we shall see.
4. As I understand it 'attractor' has a specific meaning in the mathematics of
chaos - could you venture an intuitive interpretation of that meaning, and
perhaps give a few examples of other alleged real world attractors?
Thank you
Comradely greetings,
Michael W.