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Your reply did help. Slowly, I think I am beginning to grasp what is
One point of clarification (which will probably reveal more of my
you stated on your earlier 3697:
--- Marx divided the initial M into two theoretically significant components: constant capital and variable capital (i.e M = C + V). Since the initial M is taken as given, so are its two components (C and V). Constant capital is the component of M that is affected by capital gains and losses. Therefore, the constant capital that is taken as given is the adjusted constant capital (i.e. the constant capital in current costs). ---
You later post implied, I think, that V is *also* adjusted. This would seem to be necessary if V is the same before and after the transformation, as you say is the case in your later post. On the other hand, is this adjustment of V justified on your 'capital gains' argument?
Does your published work refer to the 'capital gains' argument?
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