From: clyder@gn.apc.org
Date: Thu Nov 07 2002 - 07:01:30 EST
> Response: I don't follow this. But empirically it is wrong. Over the period > 1964-2001 for the US economy, we have > 1964-1972: OCC greater than VCC > 1973-1991: VCC greater than OCC > 1992-2001: OCC and VCC virtually identical. > > To give some idea of orders of magnitude: > In 1964 TCC = 41.06, OCC = 3.67, VCC = 3.48. > In 2000 TCC = 66.13, OCC = 4.46 and VCC = 4.45 > Could you please give the dimensions of the units involved. I assume that OCC and VCC are supposed to be dimensionless, but there must be some implicit imputation of a stock to variable capital in this. When doing so, what time period do you use. What is the dimension of TCC, and what is your base year in using fixed price valuation. How do you account for the introduction of qualitatively new MOP over the period? > Simon > > > > Centre for Business Management, > Queen Mary, University of London, > Mile End Road, > London E1 4NS, > UK > > Tel: +44-(0)20-7882-5089 (direct); +44-(0)20-7882-3167 (Dept. Office) > Fax: +44-(0)20-7882-3615 > >
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