Re: [OPE-L] Ajit's Paper on Sraffa and Late Wittgenstein

From: Allin Cottrell (cottrell@WFU.EDU)
Date: Fri Jun 09 2006 - 17:10:17 EDT

On Fri, 9 Jun 2006, Ian Wright wrote:

> I elaborate on the below in my response to Paul.
>> To put it differently, r = 0.1 is just a wildcard, undefined,
>> unless I know the period to which this interest rate applies.
> A price has got nothing to do with time. The price of money-capital
> does not tell us about profit income (or interest) received in a
> period.

Ordinary prices have got nothing to do with time, agreed.  But
what you're calling the "price of money-capital" is not, in my
view, a price at all.  It's a rental charge.  And rental charges
have everything to do with time: how long do you get to keep
whatever it is you're renting?


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