Re: [OPE-L] FW: Economic Calculation

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Sat Jan 26 2008 - 18:49:57 EST

I have only just seen Steedmans paper today, so have not had an opportunity to assess it properly.
My first two reactions are that he ignores the empirical evidence undermining his basic hypothesis of
equal profit rates, and surely Adam Smith gave the outline of how one applies the labour theory
of value to foreign trade -- imports are valued at the labour in the exports necessary to purchase them.

Paul Cockshott
Dept of Computing Science
University of Glasgow
+44 141 330 1629

-----Original Message-----
From: OPE-L on behalf of Jerry Levy
Sent: Sat 1/26/2008 9:07 PM
Subject: Re: [OPE-L] FW: Economic Calculation
> I.Do you know any answer (at least a beginning of, even bad ) to > the best (? !) and last (? !) challenge / criticism of Ian
> Steedman : "... no theory - explanatory or normative - that works
> only for a closed economy is worthy the paper it is written down
> on ",

Hi Paul C:

Putting aside for the moment the specific criticisms of Marx
and Marxians which Steedman made in his paper, this general
point is valid.  Hence, the only worthy answer is that he's
right -- on this general point, at least.  The best way to
respond to the criticism is by presenting a theory based on
Marx's theory of value for international trade and the world
market which addresses his critique.

In solidarity, Jerry

> in Marx After Sraffa and the Open Economy
> (Some Notes), 2002.

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