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This is a response to Andy B.'s (3701), which I must have deleted by
mistake. Andy, thanks for your reply.
By capital gains or losses, I mean a change in the current prices of the
means of production between the time the means of production are purchased
and the time the output from these means of production are sold. This
change in the current price could be due either to a change of productivity
in the production of the means of production or to a change in the value of
money.
Yes, this idea is related to Marx's discussion in Chapter 5 of Volume 1, in
which he argued that if all commodities sold at 10% above their value, this
would not really be a source of surplus-value, because capitalists would
then have to turn around and purchase commodities at 10% above their value.
But the main textual evidence is the many places in which Marx argued that
constant capital should be valued in current costs, not actual historical
costs. Valuation of constant capital in current costs means adjusting for
capital gains/losses.
Does this help? Do you think it justifies my "intriguing propositions"?
Thanks again.
Comradely,
Fred
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