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Re: (OPE-L) Re: New book - advance publicity

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Re. Jerry's query about the section on Okishio:

This is because Okishio's is the best-known and the most influential critique of Marx's LTRPF. We wish to defend a particular understanding of the law, in which the law does not imply a relentlessly falling ROP, or the possibility of long-run empirical predictions. In our view (this insight is Ben's, but I agree with him on this) the law captures essential aspects of the dynamics of capital accumulation, but it has to be understood jointly with the counter-tendencies. Thus no empirically determinate outcomes - but this framework helps to understand the contradictions in capital accumulation at a greater level of complexity and detail.

Having explained this reading of the LTRPF, we criticise Okishian approaches in the above section. This includes not only well-known Sraffian views, but also other views that draw inspiration in Okishio's alleged "demonstration" that Marx was wrong.

alfredo.
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