marxism-digest V1 #156
wpc at cs.strath.ac.uk
Mon Jun 12 07:56:36 MDT 1995
I guess I'm unclear on wshay you found to be opaque in Steve's exposition.
Steve's point, drawn from Steedman's example, is simply this: any economy
needs to be able to reproduce itself: the price system in a commodity
economy requires that over the medium and long run production of any
copmmodity bundles does not cost more than the value (in prices) of those
bundles. Sraffa proved against Marx that use of labor values as the cost
of commodities will lead to a situation when the economy cannot be
reproduced. That's Steve's point (right Steve?).
As a general rule economies do not reproduce
themselves except in the phantasies of economists.
Secondly Sraffa proved nothing of the kind, nor
did he so claim. The most that is claimed is that
labour values are incompatible with reproducing
an equal rate of profit. Well so be it, there is
no equal rate of profit and economies do not
reproduce. they change and develop.
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