[OPE-L:3421] Re: TSS and Tech Change

Duncan K. Fole (dkf2@columbia.edu)
Tue, 15 Oct 1996 09:41:02 -0700 (PDT)

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In [OPE-L:3392] John, after evoking some examples from the copying and
laser-printing industries, asks:

>So where are these machines that translate into a falling constant capital
>to output ratio?

Do you mean a rising constant capital to output ratio? A falling constant
capital to output ratio would correspond to a falling maximum rate of
profit, or a falling "productivity of capital", which is the pattern I tend
to see in the macroeconomic data.


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