From: Michael Perelman (michael@ECST.CSUCHICO.EDU)
Date: Thu Sep 06 2007 - 10:46:55 EDT
Still playing on my one string violin, what about cases when the turnover period for constant capital is unknown? On Thu, Sep 06, 2007 at 09:56:16AM -0400, glevy@PRATT.EDU wrote: > >> Marx’s theory, on the other hand, does not require the unrealistic > > assumption that all industries have the same turnover period, and > > therefore is a much more promising approach to understand the > > complexities of price determination in capitalism. > > > Hi Fred: > > Well, how many formal Marxian models (or numerical "illustrations") > incorporate unequal turnover periods among branches of production? > Most of those models don't even incorporate constant fixed capital > (i.e. they are "circulating capital" models) or, if they do, they make > heroic assumptions about the depreciation of the fixed capital. > > In any event, if the issue is to "understand the complexities of price > determination in capitalism" then the focus should be on the real subject > matter (capitalism) rather than simply "Marx's theory". > > In solidarity, Jerry -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
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