Previous message: Michael Perelman: "[OPE-L:3993] Re: Depreciation Query"
John wrote in [3990]:
>Does anyone know how Engels responded to
>Marx's query, reproduced below?
>
>Can anyone point out where we can find the
>prior correspondence to which Marx refers?
>Marx to Engels, September 11, 1867
>(snip)
>
>Fixed capital has to be replaced in kind only after,
>say, 10 years. In the meantime its value returns
>partially and gradually as the commodities produced by
>it are sold. This progressive return of the fixed
>capital is needed for its replacement (leaving repairs
>and the like out of consideration) only when its material
>form, for instance that of a machine has ceased to exist.
>In the meantime however the capitalist has these successive
>returns on hand.
Chai-on:
In the book, "Letters on Capital" edited by Andrew Drummond, New Park
Publications, London (1983), Engels' very short reply is included just after
the above letter. But, unfortunately, I cannot tell the exact pages since I
lost the book from my stacks (a student borrowed it but did not return it
yet). Engels did not apprehend the exact nature of Marx's query and thus
simply replied "the capitalists do not treat the fixed capital as you
imagined. You mis-understood the fixed capital.", which derived only from my
memory (not exact words),though.
By the way, John. To what points is your discussion proceeded in regard to
the depreciation? What are agreeded and what are in disagreement? I was away
when you talked about it.
In solidarity,
Chai-on
Chai-on Lee
Faculty of Economics,
Chonnam National University,
Kwang-Ju, 500-757,
S Korea
Tel: +82-62-520 7329
Fax: +82-62-529 0446
E-m: conlee@chonnam.chonnam.ac.kr