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Values Do Follow a Simple Rule!

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  • Ian Steedman

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.

Suggested Citation

  • Ian Steedman, 1999. "Values Do Follow a Simple Rule!," Economic Systems Research, Taylor & Francis Journals, vol. 11(1), pages 5-14.
    • Handle: RePEc:taf:ecsysr:v:11:y:1999:i:1:p:5-14
    DOI: 10.1080/09535319900000002
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    References listed on IDEAS

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    1. Ian Steedman, 1997. "Price Scheme Cones," Palgrave Macmillan Books, in: András Simonovits & Albert E. Steenge (ed.), Prices, Growth and Cycles, chapter 16, pages 270-279, Palgrave Macmillan.
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    Cited by:

    1. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Eigenvalue distribution and the production price-profit rate relationship in linear single-product systems: theory and empirical evidence," MPRA Paper 43716, University Library of Munich, Germany.

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