Reply to Cockshott and Cottrell

Andrew J. Kliman

Cambridge Journal of Economics, 2005, vol. 29, issue 2, 317-323

Abstract: This note reaffirms the author's conclusion that measured price--value correlations have been tainted by the influence of industry size and are therefore spurious. 'Deflation' of sectoral prices and values by costs destroys the correlation only because the theory in question is false, as the author's original paper proved deductively. Cockshott and Cottrell's results do not refute this proof. Deflation destroys the correlation between their simulated prices and values precisely because their simulation model assumes that the theory is false. Copyright 2005, Oxford University Press.

Date: 2005
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