[OPE-L:3508] Re: Marx and Hitorical Costs

John Ernst (ernst@usa.pipeline.com)
Wed, 23 Oct 1996 08:48:32 -0700 (PDT)

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I'll let Andrew answer your OPE-L 3570.
It does seem to me, however, that your quotes
from Marx fail to deal with another related
concept clearly in Marx's work -- moral
depreciation. At this point, I'm simply
curious how you it fits into your picture
that constant capital is to be valued at
the current costs rather than historical

I do not think that the concept makes or
breaks Andrew's argument or yours, yet given
a constant value of money, the losses due
to moral depreciation are visible to one and
all. The question is how they show up in
calculations of the rate of profit. Or do