Re: [Pen-l] idiot's guide to sraffa?

[Maxim Linchits <mlinchits@xxxxxxxxx>]

I haven't entirely grasped the some of the points he made in critiques of the supply and demand functions. For example his argument (demand chapter) against the smooth demand curve, as I read it, is that a change in prices affects income distribution which produces a new aggregate indiff. curve which in turn affects demand. So the resulting demand function may not be one-to-one. But this critique would apply only to those commodities/ classes of comm. which take up a significant share of incomes, right?  I'm curious what you made of his critique, if you can recall it... Does it completetely demolish the "law of demand" or merely describe some exceptions to this "law"?

On Thu, Feb 5, 2009 at 9:57 PM, Jim Devine <jdevine03@xxxxxxxxx> wrote:

Maxim Linchits wrote:
> Does anyone know of a lucid introduction to Sraffa's critique of NC?

look at http://en.wikipedia.org/wiki/Capital_controversy in the
Wikipedia. Maybe that will help. (I wrote the first edition and Steve
Keen contributed, but it may have gone way down hill since then.)

> By the way I am making my way through Steve Keen's "Debunking Economics".
> Has anyone already read it? What was your overall impression?

I like Steve's book in general, though not his chapter on Marxian
economics. Not that I'm against critiques of Marxian economics. The
problem is that he seemed off-target.
--
Jim Devine / "Disbelief in magic can force a poor soul into believing
in government and business."  -- Tom Robbins

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