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By Heinz D. Kurz
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Example text
Interestingly, the total neglect of the problem of scarcity is also a characteristic feature of von Neumann’s model. If his concern had been with generalizing the ‘Walras-Cassel model’, as is maintained by the conventional interpretation, this neglect would be totally incomprehensible, whereas it can easily be understood if one of his implicit aims was refuting Remak’s view. 45 ‘CLASSICAL’ ECONOMICS AND MODERN THEORY Just like Remak, von Neumann adopts a circular notion of production and considers the means of subsistence an integral part of the advances at the beginning of the uniform period of production.
14 In that essay Torrens lays down, ‘as a general principle’, that the agricultural rate of profit is determined in physical terms and takes the exchange value of manufactured goods relative to corn to be so adjusted that the same rate of profit obtains in manufacturing (cf. 15 And in his Essay on the Production of Wealth, published in 1821, he shows that the applicability of that principle is not limited to the case in which there is only one sector which is in the special position of not using the products of other sectors while all the others must use its product as capital.
With an appropriate choice of units, the resulting system of ‘superposed prices’ can be written (using matrix notation). P=Ap (7) where A is the augmented matrix of inputs (means of production and consumption) per unit of output, and p is the vector of exchange ratios. 35 Socialism vs. capitalism Model (7) refers to a kind of ideal economy with independent producers, no wage labour and hence no profits; it thus bears a close resemblance to Marx’s concept of ‘simple commodity production’. 36 Although Remak does not refer to Marx or to any socialist author, it is clear that his paper is 42 VON NEUMANN’S GROWTH MODEL intended to contribute to the then politically heated debate on socialism vs.