Pages

Conversations Elsewhere

Over at the Austrian Economists' blog, the comments on one post are mostly about Sraffa versus Hayek. The defenders of Hayek want to redefine the "natural rate" of interest to be the rate that would prevail in a monetary economy if the financial system did not "distort" prices somehow. This definition is opposed to the definition as the interest rate that would prevail in a barter economy. The defenders don't seem to realize that this redefinition addresses neither Sraffa's 1930s point that there are as many natural rates as there are commodities in an intertemporal equilibrium nor the 1960s reswitching results.

A Yahoo group is about Sraffa. Spanish-language discussions do me little good since I am limited to English.

Update: Gabriel Mihalache has a discussion about General Equilibrium theory that ends up overlapping with a discussion of Sraffa.

0 comments:

Post a Comment

  • Stiglitz the Keynesian... Web review of economics: Stigliz has an article, "Capitalist Fools", in the January issue of Vanity Fair. He argues that the new depression is the result of:Firing...
  • It's Never Enough Until Your He... Web review of economics: Aaron Swartz quotes a paper by Louis Pascal posing a thought experiment. I wonder if many find this argument emotionally unsatisfying. It...
  • Michele Boldrin Confused About Marx... Web review of economics: Michele Boldrin has written a paper in which supposedly Marxian themes are treated in a Dynamic Stochastic Equilibrium Model (DSGE). He...
  • Negative Price Wicksell Effect, Pos... Web review of economics: 1.0 IntroductionI have previously suggested a taxonomy of Wicksell effects. This post presents an example with:The cost-minimizing...
  • Designing A Keynesian Stimulus Plan... Web review of economics: Some version of this New York Times article contains the following passage:"A blueprint for such spending can be found in a study financed...
  • Robert Paul Wolff Blogging On Books... Web review of economics: Here Wolff provides an overview of Marx, agrees with Morishima that Marx was a great economist, and mentions books by the analytical...
  • Simple and Expanded Reproduction... Web review of economics: 1.0 IntroductionThis post presents a model in which a capitalist economy smoothly reproduces itself. The purpose of such a model is not to...
  • How Individuals Can Choose, Even Th... Web review of economics: 1.0 IntroductionI think of this post as posing a research question. S. Abu Turab Rizvi re-interprets the primitives of social choice theory...