On Feb 8, 2013, at 9:31 PM, michael perelman wrote:
Technical change devalues capital; those losses do not figure in
Okishio's model.
If extended over a sufficiently long run, even very roughly
approximate rates of capital consumption for each type of physical
capital will combine physical and moral wear and tear, and average out
over time (since everything will have to be replaced) so the
calculation of actual changes in the rate of profit over several
decades will closely approximate the actual trend. Precise
calculation of its capital consumption might be useful for analysis of
the market-value of a particular company's stock. Such calculation is
as irrelevant as it is impossible for determination of long term
accumulation trends.
Shane Mage
"L'après-vie, c'est une auberge espagnole. L'on n'y trouve que ce
qu'on a apporté."
Bardo Thodol
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