Re: (OPE-L) Ajit's paper

From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Thu Jun 03 2004 - 08:19:35 EDT

--- Rakesh Bhandari <rakeshb@STANFORD.EDU> wrote:
> 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?

There is no hidden assumption here. If money is a
commodity, the same rules apply. But keep this in
mind, even if money commodity did not yield a general
rate of profits as other commodities, its price will
be affected due to price affects in other
commodities--in this case you simply have additional
burden to prove why and how a commodity will be
produced in the capitalist system which does not yield
profits. You gain nothing but you lose a lot.
> 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.
I don't think Freeman is anticipating anything. He has
known my criticism (along with many other critisms)
first hand for years now. His verbal answers to me has
been unsatisfactory. I'll read the paper you
mentioned, once I get a little time. Cheers, ajit
> 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?
> Rakesh

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