Date: Mon, 15 May 1995 15:09:56 +1000
From: Steve.Keen-AT-unsw.EDU.AU
Subject: Re: Value - Steve's paper: Part 3


Jerry commented in reply to a query re moral depreciation:

In answer to John Ernst's question concerning "moral depreciation", as I
understand it, the Neo-Ricardians don't deal at all with this issue since
there is no technical change in their model.  If I am mistaken, then
someone on the list should correct me.
...

Sraffians do attempt to analyse technical change, but their framework
isn't well suited to it. Steedman wrote a paper about 4 years ago
which attempted to show that deviations from market price might not
be self-correcting; while this isn't an example of technical change,
it is an example of limitation of technique: he was able to show
that deviations might not be stable, but was not able to say anything
about the time path. But you must be able to consider time paths
to handle technical change.
Cheers,
Steve Keen


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