From: Ian Wright (wrighti@ACM.ORG)
Date: Tue Mar 13 2007 - 19:14:55 EDT
Hi Riccardo I note your points about Sraffa. > My problem really is that it does not explain, amongst other things, > from where money comes into the system. > Yes, but I think that may be one can model a closure on the side of > real distribution of income. In the special case of self-reproducing equilibrium your two remarks are related I think. Assume non-commodity money. If the real distribution of income is considered given data then we can - calculate the money-capital required to initiate the period of production - derive the equality that the rate of profit is the price of money-capital Because there is no technical change, and reproduction continues undisturbed, there is no need for money to enter the system, it is simply conserved. So in this special case there is no need to explain where the money comes from. In Marx's theory price is a necessary form of value. But, as far as I can tell, he doesn't ask the question: what labour-time might the price of money-capital refer to? In your approach, do you tackle this question? Please reply only if you have the time and inclination. -Ian.
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