[OPE-L:3329] Re: Re: Re: Re: Re: Re: Re: Measurement of value

From: Patrick L. Mason (pmason@garnet.acns.fsu.edu)
Date: Wed May 24 2000 - 22:22:23 EDT

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This isn't an empirical issue. It's a theoretical issue. There's nothing
special about computer technology in the sense that you've mention. Any new
plant or equipment purchase may last for a shorter period of time than
expected. That's the nature of technological change.

Once theoretists have settled in on a solution, empirical folks can then
construct the appropriate procedure for measuring value as defined by the
theorists. I don't believe in measurement without theory, since (as I've
said before) empirical measurement is simply the most concrete phase of
theoretical development.

peace, patrick

At 04:18 PM 5/24/00 -0700, you wrote:
>Think of the simple formula c + v + s. The first element represents the
>that is transferred from the capital goods to the final product. It is an
>to depreciation in conventional theory. So suppose that you start a
business and
>you're using a new computer. If the computer will be obsolete in a year, the
>amount of value that would be transferred to the final good -- assuming
that the
>final good is using the socially necessary labor required for production
-- would
>be much higher than if the computer would be expected to last for 20
years. How
>you know in advance how long the computer will be in years.
>"Patrick L. Mason" wrote:
>> Mike, I'm not clear on what you mean.
>Michael Perelman
>Economics Department
>California State University
>Chico, CA 95929
>Tel. 530-898-5321
>E-Mail michael@ecst.csuchico.edu

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