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Previous message: Chai-on Lee: "[OPE-L:4019] Re: The Moral of Depreciation?"
Chai-on wrote
> >
>
> The transfer needs to be calculated ex ante, although it cannot be accurate,
> so as to price the outputs' sale price. By EXPERIENCE, the capitalists have
> developed a skill (a technology or a scientific knowledge) in the estimation
> of the economic life of fixed capitals. Successful capitalists are such
> persons. Other capitalists who failed in the accurate estimation must be
> weeded out in the capitalist competition. Otherwise, there can be no reason
> of the existence of the business studies.
>
> With regards,
>
> Chai-on
>
You might be correct, but certainly Marx says that most capitalists cannot
calculate correctly. Are the successful ones just lucky?
As I mentioned before, Marx goes both ways on this. I guess we can
resolve this partially by saying that in mature industries, where
technical change is slow, capitalists have some idea of the lifetime of
capital. In dynamic industries, they don't.
Keep in mind how Engels reprimanded Marx when he tried to treat the
lifetime of capital as fixed. Like Chai-on said, he accused Marx of
confusing the accounting lifetime with the economic lifetime.
-- Michael Perelman Economics Department California State University Chico, CA 95929Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu