[OPEL:6168] L] Re: Historical Costs

Wed, 11 Feb 1998 12:26:38

Re Duncan''s PIAF:

> Date: Sun, 8 Feb 1998 22:06:38 -0500
> From: "Duncan K. Foley" <dkf2@columbia.edu>
> To: ope-l@galaxy.csuchico.edu
> Subject: Re: [OPE-L] Re: Historical Costs

Continuing his discussion with John, Duncan writes (snip):

> Surely the individual capitalists wealth is affected in exactly the
> same way by a falling rate of profit in production proper and by
> the ongoing devaluation of stocks because of generally falling
> prices. But it seems to me that there is a great advantage in
> separating these two aspects of the situation analytically: one
> basically has to do with the exploitation of labor, and the other
> with the revaluation of existing assets.

It is not clear to me if Duncan is suggesting here *two* different
sources of profit, "production proper" and "revaluation of existing
assets". The term "production proper" may suggest that the
"revaluation of existing assets" arises from *circulation*.

In any case, I think that, in Marx''s theory, a "revaluation of
existing assets" implies a *re-distribution* in circulation of labor-
value (under its monetary form) objectified in production,
specifically, in other branches.

Maybe Duncan could expand a bit his analitical distinction.

Alejandro Ramos