Date: Sun, 27 Oct 1996 13:01:20 -0500 (EST)
Subject: Re: Re: M-TH: value theory and intuitive expla


Justin Schwartz wrote:

> The problem is that the math doesn't work with the quantitative accounts.
> Either you run into contradictions, or you get ouit of them by specifying
> assumptions so unrealistic that it undermines the value odf the model, and
> in any case there's the Sraffa-Steedman fifth wheel objection. Shane is
> just saying one thing that quantative valur theory is supposed to do, Most
> mathematically inclined Marxist economists who have thought about it have
> concluded that value theory doesn't do the trick. --Justin

That last sentence is an assertion which can not be supported, IMHO.
Certainly, there are *some* Marxists (e.g. from the September group) that
have come to that conclusion. Still others, like Foley-Dumenil from the
"New Solution" have come to a contrary perspective as have
Freeman-Kliman-Carchedi et al from a TSS perspective.

As for Doug H's comment: in addition to what Shane Mage has added, I would
suggest that the empirical work of Shaikh-Tonak, Moseley, M. Smith, and
Cockshott-Cottrell-Michaelson be examined.

Jerry



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