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Qualms On Foreign Trade

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"7.5. The idea that the opening of foreign trade bears a close resemblance to technical progress, in that in both cases additional proc...

Hoisted From Comments: Query On Foreign Trade

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A reader asks: "This is an unrelated discussion, but I was hoping that maybe you (or someone else reading this forum) could help me wit...

Applied Sraffianism

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"These allusions give incidentally some indication of the disproportionate length of time over which so short a work has been in prepar...

A Prescient Passage From 1937

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One can read Keynes as proposing an alternative theory of value. Hyman Minsky advances this reading to some extent. Classic texts for this r...

Parallel Thoughts By Wittgenstein And Sraffa

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Apparently Wittgenstein wrote the following in 1937: "The origin and the primitive form of the language game is a reaction; only from t...

Anger Can Be Power

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What I'm reading: "The colonial world is a world cut in two. The dividing line, the frontiers are shown by barracks and police stat...

Minsky Versus Sraffa

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Kevin "Angus" Grier reminisces about Hyman Minsky's dislike for Piero Sraffa. But he doesn't recall points at issue. Mins...

Wages, Employment Not Determined By Supply And Demand

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1.0 Introduction One theme of this blog is that the introductory textbook model of the labor market is incorrect . Two recent papers make th...

"The Impossibility ... [Of] ... A Single Magnitude Representing ... The Quantity Of Capital"

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Figure 1: From Sraffa's Production of Commodities by Means of Commodities Suppose people save more. A neoclassical and Austrian school 1...