From: Ian Wright (wrighti@ACM.ORG)
Date: Tue Apr 10 2007 - 12:11:19 EDT
> Its not only a mistake, it simply cannot be done. I have read your paper Ajit, but your critique is based on an incorrect measure of labour-costs. It "cannot be done" if one adopts the standard definition of labour-value, which ignores the commodity money-capital. But this standard definition is only an appropriate measure of labour-costs in the context of simple commodity production. In contrast, if one includes money-capital, then in self-replacing equilibrium prices of production are proportional to labour-values, and labour-embodied equals the labour-commanded by commodities.
This archive was generated by hypermail 2.1.5 : Mon Apr 30 2007 - 00:00:16 EDT