[OPE-L:4553] Re: Duncan's vintages

Michael Perelma (michael@ecst.csuchico.edu)
Wed, 26 Mar 1997 17:46:00 -0800 (PST)

[ show plain text ]

John Ernst wrote:
> Michael,
> Not so fast.

John, your words are well chosen. I was assuming a competitive,
long-run answer. Your "not so fast" is correct, in that these changes
will take time to make themselves felt on the market.

I often refer to the difference between the real value [based on the
actual labor values] and the apparent value [which does not change until
competition makes itself felt] as fictitious values.

I am glad that we are onto this subject because in my mind it is central
to understanding value theory.

Thanks, John, for maing me be more explicit.
> >
> >--
> >Michael Perelman
> >Economics Department
> >California State University
> >Chico, CA 95929
> >
> >Tel. 916-898-5321
> >E-Mail michael@ecst.csuchico.edu
> >

Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu