Response to Moseley

Abstract

In “A Marxian reply to Hahnel: The relative explanatory power of Marx’s theory and Sraffa’s theory,” Moseley begins by arguing that I misrepresent Marx. For any like myself, who believe that because we now have linear algebra, and the theorems of Frobenius and Perron to take advantage of, we are able to elaborate a better formal framework for understanding prices and income distribution in capitalism than was available during Marx’s time, the past fifty years has become a game of whack-a-mole: whenever anyone rebuts one particular defense of using a labor theory of value framework, a different variation rises in its place. JEL Classification: B24, B51