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Reply to Cockshott and Cottrell

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  • Andrew J. Kliman

Abstract

This note reaffirms the author's conclusion that measured price--value correlations have been tainted by the influence of industry size and are therefore spurious. 'Deflation' of sectoral prices and values by costs destroys the correlation only because the theory in question is false, as the author's original paper proved deductively. Cockshott and Cottrell's results do not refute this proof. Deflation destroys the correlation between their simulated prices and values precisely because their simulation model assumes that the theory is false. Copyright 2005, Oxford University Press.

Suggested Citation

  • Andrew J. Kliman, 2005. "Reply to Cockshott and Cottrell," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(2), pages 317-323, March.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:2:p:317-323
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    File URL: http://hdl.handle.net/10.1093/cje/bei016
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    Cited by:

    1. Alan Freeman, 2010. "Crisis and “law of motion” in economics: a critique of positivist Marxism," Research in Political Economy, in: The National Question and the Question of Crisis, pages 211-250, Emerald Group Publishing Limited.
    2. Emilio Díaz & Rubén Osuna, 2009. "From correlation to dispersion: geometry of the price-value deviation," Empirical Economics, Springer, vol. 36(2), pages 427-440, May.

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