Jerry quotes Rakesh (quoting Carchedi, quoting Joan Robinson!), > I think Ajit is saying that Hegelian (sic) value theory has no > answer to Joan Robinson's challenge (dubbed the infinite > regression critique by Carchedi): "the constant capital was > produced in the past by labour time working with then pre-existing > constant capital and so on, ad infinitum backwards. It therefore > cannot be reduced simply to a number of labour hours that can be > added to the net value of the current year. And there is no > advantage in doing so." quoted in Carchedi, 1990, p. 96. And asks: > What other answers have been offered in the literature to the > "infinite regression critique"? This critique seems trivial, dumb. It's hard to believe that Joan Robinson didn't know how to find the limit of a convergent geometric series. Allin.
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