Iwao writes:
I generally see the importance of understanding contemporary capitalism
as a stage (or stages). At the same time, adopting TSS or other
interpretations
is still important question in the basic theory where we examine what is
essence of
economy where capitalist mode of production dominates. It seems to me
that TSS conclusion does not change essentially if you assume decline of
value of money. The rate of profit in value term should fall at the same
rate
under any rate of change of value of money according to TSS, I think.
I thought this is the reason why John assumes constant value of money.
Am I wrong, John?
John responds:
Clearly, however we define value our conclusions should not change
simply because its monetary expression changes. But I think we
have much to discuss at this "stage" and do agree we are dealing
with basic theory. Indeed, in our discussion so far it is not
clear what the status is of our "prices." That is, are they prices
seen by the investors or are they prices that our apparent only
to us? This is a question not only within the TSS framework but
also within the others as well. I think it would be a good idea
to clarify this prior to any further assumptions about the value
of money.
John