Re: [OPE-L] Truncating Marx's "Capital"

From: Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Thu Aug 30 2007 - 22:00:20 EDT

Quoting Riccardo Bellofiore <riccardo.bellofiore@UNIBG.IT>:

> Marx's Crisis Theory: Scarcity, Labour, Finance?
> Thanks for reminding me. I'll go and look, I have it at home.
> "Sequential" models where presented also in Italy. I remember a paper
> by Gianfranco Pala, togethere with Pala and Tucci.
> And interestingly, a scientist, Marcello Cini.

Riccardo, please tell us more about these Italians and their theories
of sequential determination.  Were they interpreting Marx’s theory or
were they unrelated to Marx’s theory directly?  What kind of questions
were they analyzing?  Did they criticize simultaneous determination?

Another type of theory, that you know a lot more about than I do, and
that also seems to assume sequential determination, at least in some
versions, is the “theory of the monetary circuit”.  For example,
Ronchon has a few very brief and inadequate discussions of sequential
determination, but no critiques of simultaneous determination.  Does
Graziani discuss this issue?

Marx’s theory and the theory of the monetary circuit are similar in
that the analytical framework for both theories is the circulation of
money capital:

	M – C … P  …  C’ –  M’

This circuit of money capital suggests sequential determination,
because capital exists first in the form of money capital in the sphere
of circulation, and this previously existing quantity of money capital
is taken as given in the determination of the value and prices of
production of the output at the end of the circuit.

The sequential theory of price assumed by Ronchon is the Post-Keynesian
“mark-up” theory of prices, according to which:  P = kW, where k and W
are taken as given in the determination of P.


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