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description= 15 posts published by Lars Syll during June 2023;
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ria comments off on my favourite french teacher share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky sraffa on ricardo s corn model wonkish 26 jun 2023 at 17 29 posted in economics comments off on sraffa on ricardo s corn model wonkish after being tasked with editing david ricardo s collected works in 1930 sraffa with the assistance of maurice dobb published them between 1951 and 1973 this work earned him the 1961 söderström gold medal from the royal swedish academy of sciences for the edition sraffa wrote an interesting and thought provoking introduction its purpose was to demonstrate that the classical economists based their theory on the concept of surplus defined as the remainder of the product after deducting the necessary production costs ricardo s contribution to the classical tradition was primarily to specify in more detail the relationship between the shares of the various social classes in this surplus the social net product and its development and changes over time sraffa shows how ricardo wrestled with the problem of how to define the surplus in a way that allows for an unambiguous determination throughout his adult life what has been fiercely debated among historians of economic thought is sraffa s thesis that ricardo up until 1815 and essay on profits solved this problem by constructing a corn model according to sraffa ricardo reasoned as follows in agriculture only labour and corn seed is used to produce more corn the real wage is assumed to be given at a certain level and defined as a specific quantity of corn this means that inputs and outputs are homogeneous and can therefore be measured in physical terms the rate of profit can then be defined as the quantity of output expressed in corn minus the quantity of input expressed in corn divided by the quantity of input expressed in corn this can be reconciled without taking into account the other sectors in society since according to the equality assumption there can only exist one rate of profit the individual rates of profit in the other sectors must adjust to that of agriculture which thereby determines the general rate of profit in the economy the way in which ricardo according to sraffa determines the rate of profit in essay on profits implies that there is no need for a theory of value to determine the distribution of the net product between profit rent and wages however as soon as ricardo departs from the assumption that the economy is fundamentally single sectorial it becomes necessary to determine the profit on capital as it is determined in the market through commodity prices when attempting to extend a corn model to include other production sectors that are mutually interdependent problems arise these force one onto partially new paths one reaches a crossroads where the choice lies between divisible and indivisible production systems it involves a possible conception of production as natural on the one hand and a necessary concept of the social character of production on the other in a single sector model distribution and production can be reduced from social entities to natural ones but the idea of production confined to one sector contradicts the very concept of capitalist production which is the production of value without physical boundaries therefore it becomes necessary to go beyond the corn model to achieve a more accurate understanding of distribution and value within the framework of the capitalist society in doing so one will also partially break with the views of some earlier classical economists on the nature of the economy and instead see production as socially determined the importance of a theory of value becomes clear to ricardo through the contradictions that this creates within the theory of distribution according to sraffa what ricardo is attempting to demonstrate in principles is that the conclusions he has reached regarding distribution within the single sector model are also generally valid in an interdependent multisectional economy in the corn model labour functions merely as a mediating link in the natural production process where corn is transformed into more corn there is no conception of labour as socially equivalent by having all production occur in the corn sector all labour is transformed into corn labour this is to use marx s terminology to reduce abstract labour to concrete labour and therefore to reduce the social character of labour to labour as nature the root of the confusion between labour and labour power which will complicate much of the subsequent work on the theory of value can be found here the perception of production as a natural process essentially means that production loses its economic character and instead takes the form of general metabolism it becomes a logical category with the meaning of transforming inputs into outputs however production in this general form cannot serve as the basis for economic relations because it is indifferent to the specificity of these relations in the distribution theory attributed to ricardo by sraffa the starting point is the corn model because only through it can ricardo separate the determination of the value of goods from their distribution capital in this model takes the form of circulating capital specifically a wage fund of labour advanced which is also the share of the previous production period that accrues to labour in an economy of this kind the simplicity of the distribution problem is a function of its character as the distribution of material entities to measure the net product we only need access to the natural unit of corn it is worth noting further that the distribution of the good has nothing to do with the exchange of the product and the secret of the corn model actually lies in this assumption of the absence of commodity exchange since there is only one product there is of course no reason for the exchange of this universal product among the different actors ricardo s solution to the distribution problem in essay on profits is to dissolve the distributive parts into their natural class components in order to present these shares as natural the distribution must be separated from the value form of the product even in his later works ricardo according to sraffa would attempt to reduce his theory of value to the only thing he assumes it is based on namely the distribution of material products wages and rent acquire the character of natural distribution variables because they are not produced profit which is the return on capital on the other hand expresses that production in a capitalist society is the production of capital however ricardo tries to reduce profit to a natural factor by considering capital as an accumulation of material objects as a capital stock once capital and its self increase in the form of profit have been reduced to natural categories the only task remaining is to determine the proportions in which wages and profit should stand to each other establishing this proportion and above all its development is ricardo s main concern in principles the task of economics becomes to determine the distribution of a given value production the inability of the corn model to treat distribution as the distribution of value is related to an unwillingness to view distribution as fundamentally a social process the social form must be subordinated to natural reality however sraffa s interpretation of the early ricardo is based on rather vague grounds and he himself admits in the introduction to ricardo s collected works vol i p xxxi that his rational reconstruction was never explicitly expressed by ricardo upon closer examination of sraffa s arguments it proves to be untenable when sraffa claims that ricardo provided an exact formula for determining the profit rate in the agricultural sector it is more accurate to say that he indicated the dependence of the profit rate on the size of the surplus in essay on profits capital is calculated in terms of corn capital is estimated in quarters of corn but nowhere is it assumed that it would consist only of corn let alone that corn would be the sole input or the only commodity included in the wage basket continue reading sraffa on ricardo s corn model wonkish share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky identitetspolitiska dilemman 25 jun 2023 at 16 02 posted in politics society comments off on identitetspolitiska dilemman det är inte lätt alltid att vara pk share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky yours truly i mmt intervju 25 jun 2023 at 14 58 posted in economics comments off on yours truly i mmt intervju flamman f först och främst vad är mmt lars pålsson syll lps i grunden är det en reaktion på sättet som pengar och hur de skapas beskrivs i den traditionella ekonomiska litteraturen där beskrivs pengar som något som man sparar genom att in dem på banken och som banken i sin tur kan låna ut genom att skapa krediter bankernas pengaskapande förutsätter alltså att privata individer sparar men den idén är fullständigt fel det är inte så pengar fungerar speciellt inte i en ekonomi där den monetära basen av sedlar och mynt bara utgör någon enstaka procent av de pengar som är i omlopp det som mmt lyfter fram är att pengar skapas ex nihilo som man säger det vill säga ur tomma intet banken trycker på en knapp och skapar ett lån och skapar därmed också nya pengar det är alltså lån som skapar pengar och inte tvärtom det är den stora skillnaden f vilka är de politiska implikationerna av detta lps vi inom mmt menar att bankerna på detta sätt får en otrolig makt över ekonomin de har ett egenintresse av att skapa en massa krediter genom lån som de sedan kan göra vinster med eftersom de betalar en lägre ränta än vad de lånar ut till det är detta räntenetto som bankerna lever på i en modern ekonomi skapar det rätt perversa böjelser hos bankväsendet eftersom de hela tiden vill få krediterna att expandera vilket i sin tur leder till fastighetsbubblor och så vidare vilket i förlängningen ökar risken för finansiella kriser det var det som min gamle lärare hyman minsky som också är en av inspirationskällorna för mmt varnade för redan på 1960 och 1970 talet f mmt brukar beskrivas som ett sätt att bedriva expansiv ekonomisk politik genom att man helt enkelt skapar nya pengar som staten sedan får tillbaka via skatteuppbörden detta eftersom ett land som har en suverän valuta inte kan gå i konkurs en förutsättning är dock att landet har sin egen valuta lps ja det blir mer komplicerat om man inte har en egen suverän valuta som euroländerna grunden för bankernas makt är att de kan skapa pengar som de vet att alla är intresserade av därför att alla människor måste betala skatt i sverige görs det i svenska kronor enligt mmt är anledningen till att man kan skapa pengar att man måste betala skatt i just kronor annars hade människor ju kunnat betala varandra i vilka valutor de vill jag forskade tidigare om alternativa valutor och här i malmö fanns det något som hette möllevångsdollar sådant kan fungera i liten skala där människor har förtroende för varandra men problemet med alternativa valutor är att du inte kan betala din skatt med dem därför är kronorna de enda riktiga pengarna i sverige och det är därför som bankerna har makten att via lån skapa pengar f vad skulle hända med inflationen om man bedrev mmt politik lps många hävdar att inflationen skulle bli lägre därför att man inte längre skulle föda bankernas låneverksamhet som späder på finansiella bubblor det skulle göra att inflationstakten saktar ned men det beror på vilken inflation man pratar om det vanliga inflationsmåttet är konsumentprisindex men vi har så mycket annat i dag som tyvärr är viktigare än konsumtionen finanssektorn har tagit över en jättedel av ekonomin och förändringarna som sker på deras tillgångsmarknader finns inte med i de vanliga inflationsmåtten så om man skulle ge mer pengar till vanligt folk skulle deras köpkraft öka och eftersom de konsumerar en stor del av sina inkomster så skulle efterfrågan på traditionella konsumtionsvaror öka och därför kan man hävda att inflationen skulle stiga men samtidigt kan man säga att mindre pengar skulle bli över till finanssektorn som i huvudsak har drivit på inflationen därför menar mmt are att man skulle kunna hålla inflationen i schack om riksbanken tar över penningverksamheten kan man enklare reglera inflationen än vad som är möjligt i dag tvärtom mot vad det står i läroböcker i ekonomi så är det ju riksbanken som i dag anpassar sig efter affärsbankernas lånebehov och inte tvärtom en förutsättning för detta är dock att riksbankens nya valuta helt ersätter affärsbankernas kronor jonas elvander flamman share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky the difference between rate and probability wonkish 25 jun 2023 at 11 44 posted in statistics econometrics 3 comments suppose there is a series of bernoulli trials that each trial has the same probability p of success and that the trials are independent like the standard model of coin tossing treating heads as success then the law of large numbers guarantees that the rate of successes converges in probability to the probability of success if a sequence of trials is random and the chance of success is the same in each trial then the empirical rate of success is an unbiased estimate of the underlying chance of success if the trials are random and they have the same chance of success and you know the dependence structure of the trials for example if the trials are independent then you can quantify the uncertainty of that estimate of the underlying chance of success but the mere fact that something has a rate does not mean that it is the result of a random process for example suppose a sequence of heads and tails results from a series of random independent tosses of an ideal fair coin then the rate of heads will converge in probability to one half but suppose i give you the sequence heads tails heads tails heads tails heads tails heads tails ad infinitum the limiting rate of heads is 1 2 while that sequence could be the result of a sequence of fair random tosses it is implausible and it certainly need not be sequences of outcomes are not necessarily the result of anything random and rates are not necessarily estimates of probabilities philip stark share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky things you should not do in your kitchen 24 jun 2023 at 14 45 posted in varia comments off on things you should not do in your kitchen share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky fight 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