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I realize that I am in the minority here. I tried to address how I
approach the problems that Allin describes in some of the works I
mentioned earlier. I believe that crises occur when prices diverge too
much from values, although there is no precise formula for determining
when the breaking point occurs.
Allin Cottrell wrote:
> I agree with Patrick. Anything worth measuring (particularly in
> the social sciences) is likely to be attended by a host of
> measurement problems, both conceptual and technical, but that is
> not sufficient reason to say: It's impossible.
> When we're talking about value, there are two distinct skeptical
> lines. One emphasizes practical problems (e.g. Michael P.).
> Fair enough, but see above. The other is more radical, and says
> that the "quantity" at issue cannot be measured /in principle/.
> I don't think everyone has realized just how strong a
> self-denying ordinance the latter view is. If you take that
> view, you can't talk coherently about price-value divergences
> (so that, for instance, the "transformation problem" is solved
> by fiat, without the need for any of the apparatus that people
> from von Bortkiewicz to Farjoun and Machover, to Andrew Kliman,
> have thought necessary to figure it out). You throw out
> altogether all the "classical" (Smith/Ricardo/Marx) stuff about
> gravitation of prices to values. Your value theory is then
> purely a matter of qualitative analysis of "forms". I suspect
> Michael W. may be comfortable with this, but that some others
> haven't seen the full implications.
-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail email@example.com
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