calling in loans

Doug Henwood dhenwood at panix.com
Mon Aug 26 15:26:38 PDT 2002


Michael Perelman wrote:


>The importance of reswitching is that it shows that the marginal
>productivity of capital is invalid as a macroeconomic concept.

Because of the circularity problem? How can the value of capital be determined by the value of output, and simultaneously the value of output by the value of capital?

Doug



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