[OPE-L:977] Re: Definitions and Tautologies

Allin Cottrell (cottrell@wfu.edu)
Wed, 7 Feb 1996 08:51:38 -0800

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> v = pA + L

I'm puzzled by this equation, particularly when it is given the
"sequentialist" interpretation where p is dated t and v dated
t+1. The p vector is market prices multiplied by the "value of
money" expressed in hours-per-dollar, right? But then market
prices are theoretically prior to labour-values, and the latter
cannot serve to explain, predict or whatever actual prices.

Allin Cottrell
Department of Economics
Wake Forest University