From: Michael Perelman (michael@ECST.CSUCHICO.EDU)
Date: Thu Aug 30 2007 - 23:00:48 EDT
The punchline is that the value remaining in capital goods that have already gone through a production cycle is indeterminate, especially because of changes in reproduction costs of the capital. As a result, one cannot know how much value will be transferred to the final product from the constant capital because of this indeterminacy. I discussed this with Andrew when he was a student assistant at RRPE, but he was very young at the time and I'm not sure how much of my thinking registered with him. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
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