calling in loans

[Doug Henwood]

No, I read the Cambridge Controversy book and some other stuff some 
years ago. But I'm not persuaded that mutual determinations are 
fatally flawed - aren't lots of things in social life like that?

Doug

Michael Perelman wrote:


>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