[OPE-L:2240] speed of revaluations

Michael Perelman (michael@ecst.csuchico.edu)
Wed, 15 May 1996 21:34:51 -0700

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I sit back with amazement at some of the brilliance here, but ...

I have asked this question before about value. I will try again.

Does anyone really believe that revaluations take place instantaneously?
In the U.S., United States Steel began with an overvalued oligopoly. It
was probably not until 1970 before the fictitious value was wrung out of it
[allow me to use the term fictitious value here].

Value readjustments come with differing seeds in different industries.

In some sectors, they come quickly; in others glacially.

Why are we so hung up on trying to get an exact measure out of this?

Suppose a bunch of workers asked us to help them figure out what to do?
How much would our measurement of value help?

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu