[OPE-L:4246] Re: variable capital and time

Michael Perelma (michael@ecst.csuchico.edu)
Thu, 20 Feb 1997 18:21:04 -0800 (PST)

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aramos@aramos.bo wrote:
> I basically agree with Jerry's observations in ope-l 4244 in terms of
> a more "realistic" conceptualization of e.g. wage payments. But my
> point is directed mainly to know if TSS makes this primary (and broad)
> distinction:
> a) the physical basis of constant capital is conceived as always
> produced in period t and consumed in t+1, so that the *price*
> relevant for constant capital is that prevailing in period t.

As I understand Marx, capital should be valued at its reproduction
costs; i.e., the t+1 prices.

Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu