File spoon-archives/marxism-thaxis.archive/marxism-thaxis_1996/96-10-29.043, message 128

Subject: Re:  M-TH: value theory and intuitive expla       
Date: Tue, 29 Oct 1996 11:25:59 +1300

>This strikes me as no easier than neoclassical attempts to put a number on
>the value of K. So many estimates, so many imputations.... Putty capital,
>putty labor?


All the national accounts data the bourgeoisie uses is contructed in a similar manner - on the basis of estimates and imputations. Economists, capitalists and even some left wing observers use this as a guide to action, knowing that these figures are at best estimates (and some are better estimates than others).

As the work of Mage, Mosely, Shaikh-Tonak and others demonstrates, there is no a priori reason why just as credible quantitative estimates cannot be made for the classical economic categories that Marxists use as a guide for action.

Bruce Cronin

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