Why are not these works (and many other similar ones), which explain prices, based on serious theory?
Ochoa, E. (1988) "Values, Prices, and WageProfit Curves in the U.S. Economy," Cambridge Journal of Economics, 13(3), September: 413430.
Ochoa, E. (1984) Labor Values and Prices of Production: An Interindustry Study of the U.S. Economy, 19471972. Unpublished Ph.D. dissertation, New School for Social Research, New York.
Ahmet
Jonathan Nitzan wrote:
OK, so I won't ask serious theory to explain prices.
Carrol Cox wrote:
Jonathan Nitzan wrote:
What I'm trying to say, Jim, is that to observe prices and to conclude from these observations about theoretical values and theoretical utility/productivity is to go in the wrong direction. I always thought that theory should explain the world, not the other way around.
Asking serious theory to explain prices is like asking quantum mechanics to give you the correct oven temperature for roast lamb.
Carrol
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I was recently asked whether universities should teach values. My response was that universities, whether implicitly or otherwise, always, always teach values. They teach values in the way they hire and treat employees.
Ruth Simmons President, Brown University
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