Comment on Prof. Pivetti's paper

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Comment on Prof. Pivetti's paper

Author:: Steindl, Josef

Scope:: Typoskript, 5 Blätter

Year of publication:: 1986

Language:: English

Note:: Unveröffentlichtes Typoskript, Mimeo. - Handschriftliche Anmerkung auf Seite 1: "revised June 1986".

JEL Classification:: E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian] E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian]

Shelfmark:: S/M.65.2

Access:: Free access

/to*** h'-'W Comment on Prof.Pivetti 1 s paper by J.Steindl Professor Pivetti's paper is admirably suited to bring into focus the differences which exist among us between various lines of thinking ( tentatively identified as Neo-Ricardian as against Post-Keynesian or Kaleckian). To go to the heart of the matter, these differences concern the role which we attribute to the actual importance of monopoly elements in our 20th century society. A further difference is the question whether we can use equilibrium relations to draw conclusions about the response of the economic system to changes imposed on it. In certain other respects ideas from the various strands of thought seem to overlap. That profit rate, and not as Marx and the classics wanted, the real wage, is subject to prior determination and the share of the other side - wage is left as a residual - the inversion of Marx as it were - is shared also by post-keynesian writers . It is only when we ask what determines the profit rate that the opinions divide. But again, that the determination should come from the interest is an opinion found in Keynes, only, again, the mechanism of the influence is different: With Keynes the influence would come about in so far as a discrepancy between profit and interest would act on investment. How does this influence of interest on profit work according to Prof.Pivetti? He refers to the equilibrium system of prices of production based on normal cost and a uniform rate of profit,equal to interest •

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