[OPE-L:3205] Re: TSS and the Value of Money

Duncan K. Fole (dkf2@columbia.edu)
Tue, 1 Oct 1996 11:48:31 -0700 (PDT)

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John says (in part)

>What is interesting is that we seem to have encountered a fundamental
>contradiction in the accumulation process in our very simple one-sector
>models. How did we do this? By assuming that money has a constant
>value. ($1/1hr)

I don't think the examples I've seen so far indicate a fundamental
contradiction in the accumulation process. It has been known for a long
time that technical progress devalues existing stocks of capital, and that
there are a variety of ways capitalist economies cope with this

If there isn't any fundamentally new insight here, then I worry that the
belief that there is may divert our attention from more fruitful lines of
inquiry developing Marx's economics and the LTV point of view.


Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
fax: (212)-854-8947
e-mail: dkf2@columbia.edu