Paul wrote (in part):
>WPC:
>Let us call A the rate of technical advance. That is to say
>A is positive when the amount of labour reauired to produce
>the Sraffian standard commodity declines over an infinitessimal
>time interval. ( By using infinitessimals one can to a first
>approximation ignore changes in the composition of the standard
>commodity ).
>
>Then,
>1. the instantaneous rate of profit will be a negative
>function of A due to stock depreciation effects.
>
>2. the rate of decline of the rate of profit will be
>a negative function of A, for any given instantaneous
>configuration of accumulation. ( the greater the advance
>the slower the rate of decline of the rate of profit ).
>
>3. the long run equilibrium rate of profit ( insofar as
>such a concept has meaning ) for any given rate of accumulation
>and rate of change of the labour force, will be a rising
>function of A. This is because technical advance limits the
>rate of accumulation ( stock depreciation effect (1)).
Paul, I'd be very much interested in seeing how you derived these results.
Do you have a paper on this yet? Is it on your website?
Duncan
Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
(212)-854-3790
fax: (212)-854-8947
e-mail: dkf2@columbia.edu