Values Do Follow a Simple Rule!

Ian Steedman

Economic Systems Research, 1999, vol. 11, issue 1, 5-14

Abstract: Contrary to what is often suggested, values do follow a very simple rule as the rate of profit r varies, provided only that the system is square. None of single production, semi-positive vertically integrated input coefficients, or regularity a la Schefold needs to be assumed. Furthermore, that very simple rule is followed for all finite values of r and can be expressed solely in terms of the powers of r. Moreover, when the requisite numeraire is employed, the wage profit frontier takes a simple form; conversely, when the frontier takes that form, one knows that the requisite numeraire is being used, even without knowing what it is.

Keywords: Relative prices; distribution; numeraires (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1080/09535319900000002

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