From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Tue Sep 11 2007 - 07:12:36 EDT
--- Fred Moseley <fmoseley@MTHOLYOKE.EDU> wrote: > Quoting ajit sinha <sinha_a99@YAHOO.COM>: > > > --- Fred Moseley <fmoseley@MTHOLYOKE.EDU> wrote: > > > >> Ajit, Ricardo and Torrens dealt with unequal > ratios > >> of fixed capital > >> and circulating capital across industries. They > did > >> not deal with > >> unequal turnover perods of circulating capital > >> across industries, which > >> is what I am talking about. I argue that > Sraffa's > >> theory requires > >> equal turnover periods of circulating capital > across > >> industries for > >> reasons given in my last message. If anyone in > the > >> Sraffian literature > >> has explicitly incorporated unequal turnover > period > >> of circulating > >> capital across industries, please give the > >> references. Thanks. > >> > >> Fred > > ________________________ > > "It is also to be observed that the circulating > > capital may circulate, or be returned to its > employer, > > in very unequal times. The wheat bought by a > farmer to > > sow is comparatively a fixed capital to the wheat > > purchased by a baker to make into loaves. One > leaves > > it in the ground, and can obtain no return for a > year; > > the other can get it ground into flour, sell it as > > bread to his customers, and have his capital free > to > > renew the same, or commence any other employment > in a > > week." (Ricardo, WORKS, I, p. 31) > > > OK, Ricardo was aware of unequal turnover periods of > circulating > capital across industries. But he did not deal with > this issue in the > pages that follow. Instead, his machines-corn-cloth > model assumes that > all these industries have the same turnover period – > one year. > > And more to the point: Sraffa does not take into > account differences in > the turnover periods across industries in his > theory, not has any other > Sraffian to my knowledge. If I am mistaken, please > give references. > > Comradely, > Fred _____________________________ I really don't understand the nature of your problem. As Ricardo clearly tells you what is a circulating capital for one could be treated a relatively fixed capital for other. The distinction between fixed and circulating capital is a matter of convention. Ultimately all these differences boil down to differing time-structure of capital--and this is the source of all the problem. Differences in organic composition of capital of Marx must show up as differences in time-structure of capital of Ricardo. Now, what do you think is the circulating capital in wine production and a chest made of oak tree? Cheers, ajit sinha ____________________________________________________________________________________ Yahoo! oneSearch: Finally, mobile search that gives answers, not web links. http://mobile.yahoo.com/mobileweb/onesearch?refer=1ONXIC
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