From: Philip Dunn (pscumnud@DIRCON.CO.UK)
Date: Fri Jun 11 2004 - 11:14:24 EDT
I was rather obscure in my phrasing. What I meant to say was that profits were positive when calculated using the historical cost convention but negative when using replacement cost accounting. I did not means to imply that replacement costs could be nagative. Quoting clyder@GN.APC.ORG: > Quoting Philip Dunn <pscumnud@DIRCON.CO.UK>: > > > > > How is the above relevant? There is no need to suppose the price rises go > on > > indefinitely. Let them stop before they contribute more than negligibly > to > > inflation. The upshot will be that profit will have been made where > > replacement cost profit is negative. > > > > Phil > > This would surely be a transfer from the capitalists who sold > the means of production. When one looks at the social totality > the replacement costs can not be negative. > > ---------------------------------------------------------------- > This message was sent using IMP, the Internet Messaging Program. > Philip Dunn
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