Gerald Levy wrote:
>
> For all of the above reasons, any decision that a firm makes about future
> depreciation of constant fixed capital is very uncertain and, ultimately,
> is no more than a "guesstimate" regardless of the mathematical
> sophistication of the depreciation method chosen or the state of market
> research within the firm. Quite simply, they don't know. They can't know.
Yes, yes, yes. I think that John was intending just this point. It is
the one issue that I have been raising all along. Unless you have
rational expectations marxism, you cannot calculate the c in c+v+s.
Thus, questions of algebraic exactitude go out the windown. So far,
John is the only one who has picked up on my theme.
-- Michael Perelman Economics Department California State University Chico, CA 95929Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu