the meth. ind. one was yesterday's. Here's today's:
is it accurate to say that
classical economics (Smith, Ricardo, Marx, etc.) focused on the
_tendency_ for markets to move toward equilibrium, with prices
revolving around "centers of gravity" (natural prices, prices of
production) but never real
I see the difference differently. The NCs take the output as given, then show
how
it is divided equitably and efficiently -- from their perspective.
The classical economistswere looking at an evolutionary path in which prices
gravitated toward natural levels, but I don't think that equilibrium w
On 8/3/07, Michael Perelman <[EMAIL PROTECTED]> wrote:
> I see the difference differently. The NCs take the output as given, then
> show how
> it is divided equitably and efficiently -- from their perspective.
it's true that there's no production in the Walrasian GE theory, but
there can be prod
Jim, I don't see the NC cobb douglas story as much about production as about
how to
distribute the productive assets, sort of a dual of the consumption problem.
Does
that make sense?
On Sat, Aug 04, 2007 at 08:00:36AM -0700, Jim Devine wrote:
> On 8/3/07, Michael Perelman <[EMAIL PROTECTED]> wr
On 8/4/07, Michael Perelman <[EMAIL PROTECTED]> wrote:
> Jim, I don't see the NC cobb douglas story as much about production as about
> how to
> distribute the productive assets, sort of a dual of the consumption problem.
> Does
> that make sense?
I think the CD production function preceded usi
Sorry, but there is production in the Walrasian system. His original book had
it, but Cassel's truncated interpretation became popular before Walras was
translated into English, thus giving rise to the misconception.
>On 8/3/07, Michael Perelman <[EMAIL PROTECTED]> wrote:
>> I see the difference
okay, I meant the "Arrow-Debreu-Walras" system.
On 8/4/07, Gassler Robert <[EMAIL PROTECTED]> wrote:
> Sorry, but there is production in the Walrasian system. His original book had
> it, but Cassel's truncated interpretation became popular before Walras was
> translated into English, thus giving
