In <199610150307.UAA16438@anthrax.ecst.csuchico.edu>, Fred Moseley wrote:
>This point was discussed at length on ope-l last fall in relation to the
>"transformation problem", mainly by Andrew and I. In that discussion,
>Andrew agreed that constant capital is NOT valued at historical costs.
>Andrew argued instead in that discussion that constant capital is valued at
>the prices prevailing at the BEGINNING of the CURRENT production period. I
>argued the "current reproduction costs" position that constant capital is
>valued at the END of the current period.
>
Paul C:
This notion of 'periods' is only applicable to an
agricultural economy dominated by seasonal sowing
and harvests. It should be dropped when considering
industry.