[PEN-L:5086] Re: profit rate equalization

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Ajit writes:
"The *Law of
Chaos* crowd seems to be obsessed with "actual prices"--appearances,
appearances, appearances-- what Marx called the obsession of vulgar economics."

As a member of that "crowd," I must reject that characterization.
Rather, my view is that there are two fundmental tendencies:
(1) on the level of synchonics (cross-sectional analysis), there
is a tendency for rate of profit to be equalized; and (2) on
the level of diachronics (time-series), there is a tendency for
them to be disequalized, if that is a word: uneven technical
change, centralization of capital, crises, etc.  Both of
these are inherent in capitalism's normal operations.
I simply think that Marx didn't face up to the implications
of his own theory. This shouldn't surprise us, since he
never finished vol. III.

in pen-l solidarity,
Jim Devine
____________________________

As a member of that "crowd", do you believe that Marx's 'labor-values'
are the satistical average of "real market prices"?

Cheers, ajit sinha