From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Mon Apr 02 2007 - 23:39:42 EDT
Michael, Can technological progress then raise unit values as machinery which had it been amortized over its natural life would have allowed for a reduction in unit values is amortized rapidly to avoid moral depreciation? In response to this perverse result, do and must capitalists which have not already centralized then come to an implicit understanding to undertake greenfield investments collectively only in the context of recessionary downturns (see William Darity and James Galbraith's political theory of the business cycle)? If so, then this would give credence to the Uno idea that unit values are fairly stable in the prosperity phase of the business cycle? This would create some problems for the TSS school to which you are sympathetic, no?Sekine's criticism of TSS is one of the few which has given me reason for pause. I have not yet read Railroad Economics. I think I saw review of it on eh.net, no? Rakesh
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