[OPE-L:689] Re: Forms of Tech. Change [digression]

Paul Cockshott (wpc@clyder.gn.apc.org)
Sat, 9 Dec 1995 15:03:04 -0800

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The point that Andrew was making was founded on what is in
essence a simple observation - that capital exists as a stock
and thus any technological change that results in a cheapening
of the elements of constant capital must result in a loss on
the capital account, which, if the technical change is continuous
must itself lower the rate of profit.

This may be cast in a variety of different equations, but
the insight remains the same and must have been independently
arrived at many times. I recall it being current in discussions
at the CSE over 20 years ago.