Earlier, I suggested that changes in value (eg, of constant capital) did
not involve mechanisms while those at the level of price (eg, moral
depreciation) did. I think there is no question that what happens at the
level of the latter (the level of many capitals) can *diverge* from that of
the former (the level of capital in general) and that the result is one of
crisis. This is the argument of Lipietz in his Ch. 5, "Esoteric vs Exoteric:
the Contradictions" in his Enchanted World and also one that I advanced in
my Cambridge Journal piece, "Analytical Marxism and the Marxian Theory of
Crisis".
in solidarity,
mike
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Michael A. Lebowitz
Economics Department, Simon Fraser University
Burnaby, B.C., Canada V5A 1S6
Office: (604) 291-4669; Office fax: (604) 291-5944
Home: (604) 255-0382
Lasqueti Island: (604) 333-8810
e-mail: mlebowit@sfu.ca