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I refer to the idea that you can predict the extent of moral depreciation
as "rational expectations Marxism." And yet without that predictive
ability, assigning precise values is impossible.
I think of this problem is being comparable to work that neoclassical
economists do in terms of measuring technical change. They take for
granted that the measures of the capital stock are reasonably accurate --
at least until the debates grew about the appropriate depreciation rate
for computers -- and then worry about to the residuals in their regression
equations.
--
Michael Perelman Economics Department California State University Chico,
CA 95929
Tel. 530-898-5321
E-Mail michael@ecst.csuchico.edu
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