From: Paul Zarembka (zarembka@BUFFALO.EDU)
Date: Tue Jan 06 2004 - 23:24:42 EST
--On Tuesday, January 06, 2004 3:46 PM -0300 "michael a. lebowitz" <mlebowit@SFU.CA> wrote: > I understand Cyrus' dismissal of the existence of absolute rent in oil on > the grounds that Marx's discussion of this talked about an industry with > a low value composition of capital (which is counter-intuitive for oil), > but wasn't the essence of the argument barriers to entry? Absolute ground rent depends upon BOTH low value composition of capital AND barrier to entry. Given that the oil industry cannot have a low value composition, the discussion must focus on only differential ground rent. Paul *********************************************************************** RESEARCH IN POLITICAL ECONOMY, Paul Zarembka, editor, Elsevier Science ******************** http://ourworld.compuserve.com/homepages/PZarembka
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