[OPE-L:4542] Re: Duncan's vintages

Michael Perelma (michael@ecst.csuchico.edu)
Wed, 26 Mar 1997 09:36:58 -0800 (PST)

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Marx repeated this idea in several places. Here is the ref from
Capital 1.

[The] value [of a unit of capital] is no longer determined by the
necessary labour-time actually objectified in it, but by the
labour-time necessary either to reproduce it or the better machine
... When the machinery is first introduced into a particular
branch of production, new methods of reproducing it more cheaply
follow blow upon blow. [Marx 1977, p. 528]

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu