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

From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Fri Sep 07 2007 - 08:19:31 EDT

--- Fred Moseley <fmoseley@MTHOLYOKE.EDU> wrote:

> Ajit, Ricardo and Torrens dealt with unequal ratios
> of fixed capital
> and circulating capital across industries.  They did
> not deal with
> unequal turnover perods of circulating capital
> across industries, which
> is what I am talking about.  I argue that Sraffa's
> theory requires
> equal turnover periods of circulating capital across
> industries for
> reasons given in my last message.  If anyone in the
> Sraffian literature
> has explicitly incorporated unequal turnover period
> of circulating
> capital across industries, please give the
> references.  Thanks.
> Fred
"It is also to be observed that the circulating
capital may circulate, or be returned to its employer,
in very unequal times. The wheat bought by a farmer to
sow is comparatively a fixed capital to the wheat
purchased by a baker to make into loaves. One leaves
it in the ground, and can obtain no return for a year;
the other can get it ground into flour, sell it as
bread to his customers, and have his capital free to
renew the same, or commence any other employment in a
week." (Ricardo, WORKS, I, p. 31)

Cheers, ajit sinha

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