From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Sat Jun 10 2006 - 06:49:34 EDT
I think the difference comes down to Ian always using flow quantities and abstracting from the time duration. Allin and I are used to processing econometric data in which circumstances one can not allow oneself such strong abstractions so what seems all the same to Ian seems a serious problem to us. -----Original Message----- From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Ian Wright Sent: 10 June 2006 05:55 To: OPE-L@SUS.CSUCHICO.EDU Subject: Re: [OPE-L] Ajit's Paper on Sraffa and Late Wittgenstein Hi Allin > I'm afraid we are already well within the realm of sophistry with > the putative distinction between (a) and (b) above. The > dimensionality of the rental charge is unaffected by the choice of > locution: In a way this is the point. The simple example responds to your introduction of a distinction between a "rental charge" and an "ordinary price". If you understand that this is only a putative distinction then my point is made. > Time drops out of neither formulation. I did not claim that any economic quantity has dimensions 1/time. However, I think either Paul or you did, in the context of suggesting that the price of money-capital was "economic nonsense" and "off the rails". You now agree that time is in the denominator of both quantities. Your initial complaint about the price of money-capital was that it was not quantitifed with respect to time. I explained no price is ever quantified with respect to time. Nonetheless, a dimensional analysis of the return to quantities of money-capital supplied is consistent with the fact that an actual rate of return is received over a period of time. > But since neither of us has succeeded in persuading the other in a > reasonable number of iterations, I feel there is not much point in > pursuing this particular topic. I am always willing to admit when I am wrong. In this particular instance, however, I think the matter is clear. One day, no doubt, the boot will be on the other foot. Best wishes, -Ian.
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