[OPE-L:5114] Re: Production and Circulation

Duncan K. Foley (dkf2@columbia.edu)
Sun, 25 May 1997 15:08:38 -0700 (PDT)

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In reply to Michael's OPE-L:5015:

>Duncan wrote:
>> >general equivalent form.) If we look at an economy over a specific
>> >we can in principle (subject to a number of problems about measurement
>> >labor, reduction to simple labor, and distinction between productive and
>> >unproductive labor) observe how much labor time was expended.
>Michael W
>What do you think of the suggestion that your parenthetical problems are
>repeatedly resolved in reality by the operation of markets (factor markets
>as well as output markets)?

Yes, but not through the formation of wages.

Cheers, Duncan

Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
fax: (212)-854-8947
e-mail: dkf2@columbia.edu