John Ernst wrote:
>
> Michael,
>
> Not so fast.
John, your words are well chosen. I was assuming a competitive,
long-run answer. Your "not so fast" is correct, in that these changes
will take time to make themselves felt on the market.
I often refer to the difference between the real value [based on the
actual labor values] and the apparent value [which does not change until
competition makes itself felt] as fictitious values.
I am glad that we are onto this subject because in my mind it is central
to understanding value theory.
Thanks, John, for maing me be more explicit.
> >
> >--
> >Michael Perelman
> >Economics Department
> >California State University
> >Chico, CA 95929
> >
> >Tel. 916-898-5321
> >E-Mail michael@ecst.csuchico.edu
> >
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu