From: glevy@PRATT.EDU
Date: Fri Sep 07 2007 - 08:35:10 EDT
Addendum: Of course, technological change can result in means of production which require less constant circulating capital, e.g. if they incorporate energy-saving technologies. [There can also be technological advances which result in the substitution of one type of circulating constant capital with another (e.g. kerosene replaced whale oil for lights).] But, if we're discussing that issue then it returns us to the turnover of constant fixed capital that Michael P and I have discussed. What this means is that, in practice, one has to consider both the turnover of constant fixed capital and the turnover of constant circulating capital since their turnover times are related to each other. In solidarity, Jerry >> Rather, I am talking about unequal >> turnover perods of circulating capital across industries. > > > Hi Fred: > > If you are talking about unequal turnover periods for constant circulating > capital, I'm not sure what you see as the measurement problem here. If > one is referring to the physical elements of constant circulating > capital, then one might reasonably project that their turnover could be > directly related to changes in the rate of output. I.e. an increase in > output generally requires an increase in constant circulating capital by a > similar proportion. However, if one is referring to the _price_ of what > become the elements of constant circulating capital then there is no > reason to anticipate that these prices will change at the same rate as > output. It would be difficult to make reasonble projections about the > change in the prices in the elements of constant circulating capital for a > variety of reasons - especially because an understanding of the price > changes of many of these elements has to take into consideration *rent* > and natural monopolies. > > > >> This is what >> Sraffian theory cannot incorporate, for reasons I explained in my last >> message (and copied below). > > > It wasn't copied in the message you sent. Rather, you copied a post I > wrote. > > In solidarity, Jerry >
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