Suppose that you are looking at the value circulating in the economy today. How would you value the constant capital values found in the commodities produced? That will depend on whether the constant capital will turnover in 1 year or 10 years.
Charles Brown wrote: > CB: I did read Michael Perelman's paper on this when it was on the Crash list or >somewhere . > > Not answering the puzzle, but what occurs to me in thinking about it now (and maybe >last time) is that the rate of obsolescence seems to address the use-value of the >instrument of production involved. When it becomes obsolete, it is its use-value that >is extinguished. Without use-value, it cannot carry any exchange value anymore, so >all the exchange-value in it must be calculated based on the amount of time it was >adding value to commodities. > > But this is still ex-post. What does being expost disturb in the calculation ? -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
