Marx and the Austrians Again

Patrick Bond pbond at
Sat Sep 4 02:42:53 MDT 1999

Michael, what I was getting at was trying to specify (in ways other
than the mathematical, iterative and empiricist techniques of the
1970s) how to make clear the price/value disjuncture, if indeed you
can sloganeer it as "divergent values/prices=crisis." I think you and
David are right to clarify the intrinsic lack of stability associated
with false value/price signalling. And I think David at least (you
too?) would root this in the classical disproportionality problem.

But it's all very loose and indicative, without any obvious basis so
far for concrete applications. The problem becomes extremely
complex when you add space and time displacement of these crisis
tendencies, because then price/value relations have to be worked out
internationally and in relation to uneven devalorisation and also in
relation to the role of the credit system's displacement properties.

Anyone you know doing anything like this in any applied context?


> I quite similar indeed.  I only met him once.  I went up to him afterwords and
> told him how similar I thought his presentation was to my own.  He said that he
> knew of my work and was not at all surprised with the similarity.
> Patrick Bond wrote:
> > Michael, this sounds exactly like David Harvey's "solution" to the
> > transformation problem, in Limits to Capital. Same line of thinking?
> >
> > > From:          michael at
> > > Evenually, this disconnect between prices and values [under ideal
> > > conditions they would not be equal, but would bear a rough similarity]
> > > leads to a crisis, which can either destroy the system or re-establish the
> > > connection between prices and values.>
Patrick Bond
email:  pbond at * phone:  2711-614-8088
home:  51 Somerset Road, Kensington 2094 South Africa
work:  University of the Witwatersrand
Graduate School of Public and Development Management
PO Box 601, Wits 2050, South Africa
email:  bondp at
phone:  2711-488-5917 * fax:  2711-484-2729

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