[OPE-L:4348] Re: Re: Technical change and general truths

From: Steve Keen (s.keen@uws.edu.au)
Date: Sun Oct 29 2000 - 20:32:33 EST

I'm saying nothing of the sort, Rakesh!

>I think what Steve is saying is that Marx's value theory has to be 
>generalized to the case of general equilibrium if his fellow 
>economists are going to take it seriously (even if the case of 
>general equilibrium can in no conceivable way be generalized to the 
>case of capitalism). 

God you are a frustrating person to communicate with. I have sent you my
critique of Steedman: if you honestly think, after reading it, that I
require propositions to be put in a general equilibrium framework, then
there's simply no point in me trying to explain any aspect of my analysis
to you.

My argument has been that:

(a) the TSS approach is correct to argue that Marx's analysis was dynamic,
and that therefore to accurately test whether there is a transformation
problem, Marx's model would have to be put in complete dynamic form;

(b) I am quite confident that, if that were done, there would be a
transformation problem in this dynamic guise, just as one is found using a
simultaneist approach;

(c) I don't bother doing this myself because I argue that the proposition
that labour is the only source of value, which is central to TSS (though,
as I note in my previous post, I think TSS actually contradicts itself
here), is actually not a valid proposition in terms of Marx's theory of value;

(d) If TSSers genuinely want to promote their theory, it is behoven upon
them to fully specify what they believe to be Marx's dynamic model.
Numerical examples--especially ones where you can't get the numbers to
quite match up!--simply aren't good enough.

Dr. Steve Keen
Senior Lecturer
Economics & Finance
University of Western Sydney Macarthur
Building 11 Room 30,
Goldsmith Avenue, Campbelltown
PO Box 555 Campbelltown NSW 2560
s.keen@uws.edu.au 61 2 4620-3016 Fax 61 2 4626-6683
Home 02 9558-8018 Mobile 0409 716 088
Home Page: http://bus.macarthur.uws.edu.au/steve-keen/

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