Fred wrote in [OPE-L:3411]:
> Andrew argued instead in that discussion that constant capital is valued at
> the prices prevailing at the BEGINNING of the CURRENT production period. I
> argued the "current reproduction costs" position that constant capital is
> valued at the END of the current period.
The beginning or the end?
Well ... *before* the next production period can begin, capitalists must
convert the s produced into profit before they have the money capital
required to purchase c + v for the next production period. In a sense,
this process, the conversion of s into profit and reinvestment in c + v ,
occurs *after one period but before the beginning of the next period*.
However, if one is forced to choose [as I think one must], then it would
seem to me that the prices for c prevailing at the end of one period are
more germane than the prices prevailing at the beginning of the next
period since the decisions about how much c + v can and are advanced, must
logically be made *prior* to the beginning of the next period.
Or am I missing something?
In Solidarity,
Jerry