Re: [OPE] Open problems in Marxist economics: Workers' savings

From: Dave Zachariah <>
Date: Sat Apr 10 2010 - 14:22:14 EDT

On 2010-04-08 22:59, Ian Wright wrote:
> Yes, out-of-equilibrium, there must be a mismatch (but then again I'm
> not "orthodox" in this sense).

I agree that it is 'out-of-equilbrium' in a long-run sense which is
determined by factors outside the accounting identity, i.e. the limits
of accumulated credit/debt.

> That's because market prices are in
> general below or above current labor-values.
No, I can't see how this is the case or that is even relevant since we
are dealing with aggregates in the identity. But for sake of argument
I'm assuming perfect proportionality between labour-value and price. It
does not change the argument and the problems with the
'Vol.1'-formulations persist.

> Is this the Foley-Dumenil MELT you are using here? I think there are
> problems with it.
Yes, defined as monetary value of net Product per unit of direct labour.
I have no objections to that.

//Dave Z
ope mailing list
Received on Sat Apr 10 14:25:57 2010

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