From: Jurriaan Bendien (adsl675281@TISCALI.NL)
Date: Fri Aug 18 2006 - 15:14:24 EDT
Well Rakesh you could always defend your point of view in a formally published article... The main point I'm trying to make here as regards the reproduction schemes is rather simple. The average industrial rate of profit is not the same as the average general rate of profit, and total production capital is not equal to the total capital stock. The wealthier a society is, the more capital assets exist which are neither current outputs or inputs to current outputs. Why is that important to know? You can build a model of how the profit rate on production capital will decline, to the point of crisis, but if you do not consider the circuits of capital external to production, the model is likely to be counterfactual, or apply only in highly special cases. Cheers J.
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