Re: [OPE-L] Dynamic model?

From: Anders Ekeland (anders.ekeland@ONLINE.NO)
Date: Tue Mar 13 2007 - 17:04:39 EDT


I have learned a lot from Semmler, D&L - really impressive work. But
still something is missing.

I cannot point to anything closer to my own views in terms of
mathematical or simulation models. I am now looking for simulation
models/tools, but I have not had much time to do this properly, so I
cannot offer much real substance, but that's my research agenda,
besides more conceptual debates.

There are some models inspired of Nelson and Winter (1982), but
that's totally devoid of explicit value theory - which make these
models less relevant for us.

All hints about possible simulation models/tools are very welcome.


At 21:47 13.03.2007, you wrote:
>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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