Re: [OPE-L] Dynamic model?

From: Ian Wright (wrighti@ACM.ORG)
Date: Tue Mar 13 2007 - 16:47:21 EDT

Hi Anders

I am in complete sympathy with your methodological advice. I have
recently been investigating the literature on cross-dual dynamics,
such as the work of Semmler, Dumenil and Levy etc. The models are
deterministic and assume well-defined commodity types and a single
prevailing price for the same good. The literature has some strengths
and some weaknesses. I wonder whether you could point to any other
work that might more closely meet your methodological requirements?

Regarding the importance of dynamics for value theory: it seems to me
that in principle it is not possible to claim that a static model
demonstrates that price refers to amounts of labour-time. At best a
static model may show there is a conservative transform from one to
the other (or lack of such a transform). But a claim of reference
requires a semantic analysis. And semantics are ultimately grounded by
"lawful" causal linkages. This is why I think dynamic models are
necessary to understand the theory of economic value.


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