Download e-book for kindle: Ricardo, Marx, Sraffa: The Langston Memorial Volume by Ernest & Alan Freeman Eds Mandel

By Ernest & Alan Freeman Eds Mandel

ISBN-10: 0805272151

ISBN-13: 9780805272154

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Extra info for Ricardo, Marx, Sraffa: The Langston Memorial Volume

Sample text

N o n -b a sic co m m o d ities c a n n o t e n te r in to th e d e te rm in a tio n of the profit rate o r prices. B u t th e re is n o th in g in h e re n t a b o u t th e cap italist m o d e of p ro d u c tio n w hich g u a ra n te e s th e existence of a single basic c o m m o d ity in th e Sraffian sense. In d e e d th e w hole p o in t a b o u t la b o u r is th a t it is th e on ly c o m m o d ity w hich necessarily enters the p r o d u c tio n of every o th e r c o m m o d ity (except, of co urse, itself).

H o w ? W e seek a v e c to r V w hich w o u ld satisfy all the a lg eb raic e q u a tio n s im p o sed by th e ex ch an g e relatio n s (4) betw een b undles. T h a t is, we seek a measure which is preserved in transactions. A n y o n e en terin g a n ex ch an g e w ith a given q u a n tity of value m u st clearly leave w ith th e sa m e to ta l q u a n tity of value. N o w obv io u sly o n e c a n w rite a ta b le of ex c h an g e relatio ns for w h ich th e re is n o such system of strictly positive values.

5 S te e d m a n im p o ses o n his table a set o f a s su m p tio n s w hich a p p a r e n tly m a k e his co n clu sio n s inevitable. T h ey a re nevertheless u n w a r ra n te d for a t least tw o reasons. F irst, S te e d m a n ignores in his b o o k th e fact th a t o n e c a n im p o se a different (and smaller) set of a s su m p tio n s o n a different ta b le of p ro d u c tio n , perfectly rea so n ab le fro m a ‘p h y sic a l-d a ta ’ p o in t o f view a n d yielding positive la b o u r values a n d profit b u t to w hich n o positive Sraffian prices a n d u n ifo rm profit c a n be assigned.

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Ricardo, Marx, Sraffa: The Langston Memorial Volume by Ernest & Alan Freeman Eds Mandel


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