Re: [OPE-L] equilibrium and simultaneous vs. sequential determination

From: Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Thu Sep 06 2007 - 22:58:28 EDT

Quoting Ian Hunt <ian.hunt@FLINDERS.EDU.AU>:

> Bertram Schefold ("Fixed Capital as a Joint Product," Jahrbucher für
> Nationalökonomie und Statistik 192 (1977) has a Sraffa style model
> with unequal turnover periods of capital. So Fred's comment seems
> plainly wrong,
> Cheers,
> Ian

Hi again,

I have a later version of that paper, and again (as the title indicates)
the paper is about incorporating fixed capital into a Sraffian model.
It does not assume unequal periods of turnover of circulating capital
across industries, which is the problem I was referring to.  The period
of turnover in all industries is referred to as a "year".  (e.g. "After
the end of THE YEAR, the new machines leaves the process as a ONE-YEAR
OLD machine ...; emphasis added).  This would be true in all
industries, with the same turnover period of one year.

So the conclusion that you jumped to ("Fred's comment seems plainly wrong")
itself seems mistaken.


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