[OPE-L:3292] RE: Clarification on Tech Change

Allin Cottrell (cottrell@wfu.edu)
Sun, 6 Oct 1996 12:25:34 -0700 (PDT)

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On Fri, 4 Oct 1996, John Ernst wrote:

> 4. The basic issue is : if Marx holds that tech change is
> both capital saving and labor saving in the period of
> modern industry, why would the rate of profit fall?

Tech change cannot be both labour- and capital-saving, at
the aggregate, macro level, so long as accumulation is
proceeding. (Although, as Paul C has pointed out more than
once, one cannot assume that accumulation always proceeds.)

Allin Cottrell