In ope-l 5149, Jerry wrote:
"How does the period of circulation time enter into TSS equations? Is it
instantaneous (by assumption) or can the equations be modified to allow for a
variable circulation time?"
I don't know others' interpretations, but I interpret the fundamental
equations (of value determination, price determination, and profit rate
determination) that cover the time-span between input and output, as covering
the time of production, i.e., the phase C ... P ... C' of the circuit of
capital. In other words, when one speaks of the value advanced for inputs,
one speaks of C; when one speaks of the value or price of outputs, one speaks
of C'. Under this interpretation, these equations are applicable directly,
i.e., without modification, to circulation times of any duration.
To formalize relations of reproduction when circulation time is variable, one
needs only to do the following. If a commodity emerging at time t is not used
immediately as an input, but only after a period of circulation (and generally
storage as well) of length k, the relevant input price is Pt+k instead of Pt.
Andrew Kliman
In solidarity, Jerry