The measurement of the capital stock is in impossibility. Franklin Fisher
once worked up the requirements for aggregation. Can't be done!
The inability to calculate real depreciation presents another barrier.
I mentioned this in passing before in questioning how seriously we should
take estimates of profit rates as anything more than a rough rule of
thumb.
I absolutely concur with the impossibility of measuring a mode of expression on its own basis, which is the epitome of commodity fetishism. Transformation problem? Indeed. According to whom . . . bourgeois political economy. The question is the velocity of polarization of price and cost from value and why both assume independent modes of expression and finally sperate themselves from value, which in the eyes of the bourgeois is a question of a magnitude of capital yielding a uniform profit.
But, hey . . . this of course is based on Engels articulation of the nodal line - historical trajectory and conclusion, of value. It was Marx who unfolded the law of value and it remains the amount of socially necessary labor in the production of commodities.
Melvin
