[OPE-L:1003] Re: the "transformation problem"

Duncan K Foley (dkf2@columbia.edu)
Thu, 8 Feb 1996 06:00:39 -0800

[ show plain text ]

Sorry to be so slow in replying, and also short. I'm on jury duty and
have very little time at the moment. This should be over in the next few

By "long-run equilibrium" I meant a situation where prices and capital
stocks had reached profit-rate equalizing levels across sectors, which in
my mind corresponds to Smith and Ricardo's "natural prices" and Marx's
"prices of production". I don't think this necessarily implies that the
economy is on a balanced long run growth path.

I'd take it kindly if you would mail copies of the papers of McGlone and
yourself dealing with the transformation problem to me at Department of
Economics, Barnard College, New York, NY 10027, since it may not be that
easy for me to come by them.