I would accept your modification of my words without reservation. On Mon, Feb 04, 2002 at 06:04:18PM -0800, Sabri Oncu wrote: > Michael wrote: > > > 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. > > Michael, > > I don't think not knowing the future is the main problem here. > The problem is with not knowing with respect to what probability > distribution we would calculate expected values for the constant > capital values found in the commodities produced. We all have > different subjective probabilities associated with the future. > The question is this: is there an "objective" probability > distribution on which we all agree to calculate those expected > values? > > Best, > Sabri >
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
