RE: [ox-en] Re: What is profit?
- From: "Paul Cockshott" <wpc dcs.gla.ac.uk>
- Date: Mon, 29 Sep 2008 19:57:00 +0100
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The notion of perfect competition is incompatible with the laws of
thermodynamics and describes a system with Bose Einstein statistics
which is implausible for any complex system at a temperature significantly
above absolute zero.
Paul Cockshott
Dept of Computing Science
University of Glasgow
[PHONE NUMBER REMOVED]
www.dcs.gla.ac.uk/~wpc/reports/
-----Original Message-----
From: owner-list-en oekonux.org on behalf of Stefan Meretz
Sent: Sat 9/27/2008 11:26 AM
To: list-en oekonux.org
Subject: [ox-en] Re: What is profit?
On 2008-09-21 20:23, Paul Cockshott wrote:
Stefan Meretz:
When competition is "perfect" then commodities are sold at their
value. The commodity value is the amount of necessary work to produce
the commodity at given level of societal productivity.
Paul Cockshott:
You have to take into account that markets are noisy systems, prices
are always random variables dispersed around values.
Yes, the "noisyness" of markets comes from the "imperfectness" of
competition.
Ciao,
Stefan
--
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