Re: [OPE-L] Stocks and flows in Marx's theory

From: glevy@PRATT.EDU
Date: Sun Nov 25 2007 - 11:28:35 EST

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Hi Jurriaan:

The larger problem, imo, which arises with the
modelling of stocks and
flows in Marxian models and 'numerical
illustrations' is that just about all
of them are *circulating
capital models* and hence assume away stocks.

In the rare
instances in which fixed capital is included in those models
and
numerical illustrations it is non-depreciating or other heroic
assumptions
are made.

It is a great failing of
Marxian theory that no one (?) has developed a dynamic
model of a
capitalist economy in which there is money capital, variable
capital (above -0-!) ,  constant circulating capital, and constant
fixed capital
which depreciates both physically and morally.

In solidarity, Jerry

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