Jerry keeps trying to keep us on task. Maybe we can agree on a few
fundamentals. Here are some of my candidates.
1. Marx was searching for a law of motion of capital.
2. Capital is a comprehensive system rather than a simple relationship.
I think that we can agree here.
Much of the debates concern what comes next.
3. Capital entails the existence of fixed capital.
4. Capital must face uncertainty about the future. It cannot control its
fate, either as an individual capital or as capital in general.
5. Given this uncertainty, fixed capital can be revalued because of changing
economic or technical conditions, adding a bit of indeterminateness to
values.
6. Indeterminate values are not a problem because value is more important as
as social relation than as a algebraic problem to be solved.
Sorry, I have to break here.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu