Re: What is the total wealth ?

[Daniel Davies <dsquared@xxxxxxxxxxxxxxxx>]

it is surprising what a man can understand when his pocketbook depends on
him not understanding it, or some such.

dd

-----Original Message-----
From: PEN-L list [mailto:PEN-L@xxxxxxxxxxxxxxxx]On Behalf Of Michael
Perelman
Sent: 04 August 2004 17:38
To: PEN-L@xxxxxxxxxxxxxxxx
Subject: Re: What is the total wealth ?


Right, they should teach that marginal productivity theory created economic
justice because
everybody got rewarded according to their marginal product.  Sraffa proved
that it was BS.
Samuelson and others attempted to refute him, but were unsuccessful.  Solow
said that it
was a tempest in a teapot.  Now nobody cares, but they continue to teach the
same BS.

On Wed, Aug 04, 2004 at 12:07:17PM -0400, Doug Henwood wrote:
>
> Yeah, but nobody cares about that anymore. It was an obsession of
> some weirdos in England a generation ago, but we've moved beyond that
> now.
>
> Doug

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu