From: Ian Wright (wrighti@ACM.ORG)
Date: Sat Mar 24 2007 - 12:57:47 EDT
> I disagree. I also assume equilibrium (equal rates of profit), and > there is no logical problem. The difference betweeen us is simultaneous > vs. sequential determination, not equilibrium vs. disequilibrium. That > is, if one assumes a different logical method (simultaneous > determination) from Marx's method (sequential determination), then > there is a logical problem. > But it has nothing to do with Marx's theory. Fred, if your model is sequential then introduce time subscripts. Then your argument is not circular. But unless you also have dynamic laws that govern how the system changes over time, and you derive a fixed point such that the state at t is the same state at t+1, then your model is not an equilibrium model. The difference between is is not "simultaneous vs. sequential determination". I am interested in both, and reject neither. Simultaneous equations and sequential models are intimately related, since a system of simultaneous equations can represent a fixed point of a more general sequential model. I am sure you are well aware of this. The point of my recent work is to show that the purported link between simultaneous determination and the logical impossibility of a labour theory of value is bunkum. It is hard not to wonder whether the rejection of simultaneous determination is simply a convenient immunizing strategy. But we can do better than that, no?
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