Re: [OPE-L] models with unequal turnover periods

From: Ian Hunt (ian.hunt@FLINDERS.EDU.AU)
Date: Mon Sep 24 2007 - 00:49:49 EDT

Dear Fred,
One initial lead on semi-finished products is Steedman "Marx After  
Sraffa":  182-3. Steedman refers us for further detail to Morishima  
  Economics", CUP, 1973,

Associate Professor Ian Hunt
Dept of Philosophy
School of Humanities
Flinders University
Box 2100, GPO,
Adelaide, 5001

On 23/09/2007, at 2:34 AM, Fred Moseley wrote:

> Quoting Ian Hunt <ian.hunt@FLINDERS.EDU.AU>:
>> Dear Fred,
>> It is what Medio does. Brody shows that inputs can be measured in the
>> quantities of any basic good and doesn't think there is any decisive
>> reason for favouring value as the units. My view is that value is
>> favoured because control and discipline of social labour is in all
>> industries a crucial component of social relations of production.
>> In the simple case, assuming one technique of production of
>> production and no fixed capital or joint products you can get the
>> value units from the equation l = A l + L. You can get the value
>> units in more complicated cases, but they will depend on expectations
>> of profitable lifetimes of machines (to get the flow of value from
>> fixed capital) and prices of products for dividing the value of
>> output between joint products.
> Hi Ian,
> How are unequal turnover periods taken into account in this equation?
> Does it assume that all industries have the same turnover period?
> Would you please also give the equation(s) for fixed capital, since
> Medio does not do that?  And what are the elements in the A matrix  
> that
> correspond to fixed capital?  How are they determined?
>> Sraffa was engaged in a different exercise from regarding the
>> division of social labour as the the basis of laws of development of
>> commodity production (He was interested in the inverse dependence of
>> the rate of profit on wages rather than laws of development)
> I am not talking about a theory of “laws of development”, but rather a
> theory of long-run equilibrium prices, that takes into account unequal
> turnover periods across industries.
> Comradely,
> Fred
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