[OPE-L:5819] Re: commodity money

Rakesh Bhandari (bhandari@phoenix.Princeton.EDU)
Thu, 11 Dec 1997 13:10:12 -0800

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Paul C wrote:

"Once one gets to deal with stock rates of profit, then the non-conservation
of value is relevant. That was what the lengthy debate last
year about 'Moral Depreciation' was all about."

I think the more illuminating application of the law of conservation of
energy is not to the conservation of value but to the conservation of the
real physiological energy expended by abstract labor in the amortization of
fixed capital. That is, if the turnover time increases, no more and no
less than the same physiological energy which would have been expended less
intensively over a longer period must now be expended by abstract labor in
that shorter period if it is to provide the service gratis to capital of
preserving the value of fixed capital.