Re: (OPE-L) Ajit's paper

From: Rakesh Bhandari (rakeshb@STANFORD.EDU)
Date: Wed Jun 02 2004 - 14:06:58 EDT

Just to clarify quickly.

Ajit, you write:  "[Ricardo] found that the effect on the money
commodity of a change in wages implies that even if the net output
has been kept constant in physical terms a change in its distribution
between wages and profits could
very well change its size when measured in... money terms"?

Now you don't deny that this change in size depends on the assumption
that money is not only a commodity but a commodity the production of
which should yield the average rate of profit enjoyed in most
branches of commodity production.

This is why I have asked you to specify all the assumptions that are
being made about the money commodity if the curious effects that you
yourself mention above are to obtain. What must money be like if this
curious effect can obtain?

You have not even attempted to answer this question.

As for your criticism of the infinite regress in which TSS is
trapped, do note that Freeman anticipates your criticism in the very
volume from which the above quote from you is taken. See Freeman on
pp. 103-104 in Westra and Zuege. I won't type out all of it for you
as I suppose you have the volume.

Carchedi also wrote a reply in Frontiers of Political Economy.

But since you must have Freeman in front of you, why not start there?
What is wrong with his response?


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