Re: [OPE-L] Robert Brenner, "That hissing? It's the sound of bubblenomics deflating"

From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Sun Sep 30 2007 - 14:58:57 EDT

--- glevy@PRATT.EDU wrote:

> Ajit:
> It is not my perspective which is in question.  It
> is yours. To
> refresh your memory, you said that if it was the
> case that
> wages decreased and/or the intensity of labor
> increased then
> the rate of profit "must" rise.  This perspective
> illustrates the
> dangers of taking a simple analytical claim made by
> Sraffa
> concerning the relation between the wage and rate of
> profits in the
> standard system and extending that to an analysis of
> a concrete
> development (in this case, the unfolding economic
> situation in the US
> economy). I am reminded here of Hamlet's comment to
> Horatio.  The
> wage-rate of profit fronteir was drawn - as you well
> know - under the
> ceteris paribus assumption.  For your claim to be
> true about what "must"
> happen to the rate of profit under the circumstance
> of a rising wage
> and/or increasing intensity of labor to be true, you
> (not I) would have to
> show that these are the _only_ variables _in
> practice_  which can cause
> there to be a change in the rate of profit.  Failing
> that, you would have
> to recognize that what happens to the r following a
> change in these two
> variables is uncertain (i.e. it is uncertain whether
> r would decrease at a
> lesser rate, increase, or remain unchanged).
> In solidarity, Jerry
No. I gave two quotations from a piece and said that
one contradicts other. Given the condition of 2 r must
rise. You claimed that what I say is true only to the
extent that it will dampen the extent of fall in the
rate of profits. It is incumbent on you to show how
the rate of profit will fall or at least make an
argument in support of your claim; not me. In any
case, I have no interest in wasting my time on this
kind of debate. If you have a theoretical point to
make then it would be interesting otherwise we could
leave it here. Cheers, ajit sinha

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