calling in loans

[Michael Perelman]

Wow. It took economists until 1960 to figure that out.  Well, Sraffa began
in the 20's but only published in 60.

On Mon, Aug 26, 2002 at 06:26:38PM -0400, Doug Henwood wrote:
> 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

-- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu