[OPE-L:4128] Re: use-value and value

Michael Perelman (michael@ecst.csuchico.edu)
Fri, 31 Jan 1997 19:07:12 -0800 (PST)

[ show plain text ]

Steve Keen wrote:
> I have no argument with the substance of Michael's reply, reproduced below:
> technological change can make profitability a tightrope for firms. Where I
> differ is in arguing that this tightrope occurs, not because of declining
> value productivity, but because of its impact on the conversion of surplus
> value into profit. It is a problem of realisation of surplus, not its
> production.

I return to my case in point, the US in the late 19th C. New technology
offered great cost savings but with enormous increases in scale. Yes,
realization was the problem from a particular perspective. The
contemporaries spoke of overproduction.

Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu