A comment on John's [OPE-L:3480]:
v>Given that we have a way of representing the production
>of use-values by means of use-values, we can then proceed
>to assign values to them and to track the valorization
>process in time. Prior to proceeding with that, I wonder
>if there are better ways to represent the aging process of
>fixed capital. As far as I know, most representations are
>made under the assumption that technical change is not
>taking place. Hence, I do think we need a way to capture
>both aging and technical change within the accumulation
>process.
>
A start on this type of modeling is in Money, Accumulation and Crisis
(Harwood Academic, 1986). To do this in any generality you get into
integral equations and convolutions, since you have to keep track of the
vintages of the capital stock.
Duncan
Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
(212)-854-3790
fax: (212)-854-8947
e-mail: dkf2@columbia.edu