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Yes, this was why I said I felt that it was a stronger history and economics book than purely economics one, and I had the choice of market value in mind when I talked of unavoidable methodological choices. I fully accept his explanation that he had little choice about that.

I just feel that, thus far at least, he may have slightly understimated the implications of the choice when forming some of his conclusions (and policy recommendations).

There also is the problem of aggregating the revenues of capital and of labour. The same ratio of capital to revenue would tell a very different story if revenue is mostly from capital or mostly from labour. This is where the "usual" analysis, breaking this down, would make a lot of sense.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Sat Apr 12th, 2014 at 04:17:57 AM EST
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