On Mon, 29 Jan 2001, Fred B. Moseley wrote: > Allin, I argue that the quantities of money-capital that are taken > as given are long-run average prices. It is assumed that the > economy is in long-run equilibrium (i.e. equal profit rates across > industries) and that prices are long-run average prices, i.e. > prices of production. Therefore, these quantities of > money-capital that are taken as given are not affected by the > deviations of market prices from prices of production. OK, thanks for the clarification. So short-run supply/demand disequilibria won't affect values, on this reading. Changes in the wage rate, though, will affect values (since in general such changes alter relative prices of production). To me, that too seems contrary to Marx's basic conception. Allin Cottrell.
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