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Thanks for your response, John
John Ernst wrote:
> Clearly, capitalists are more sophisticated today as the
> accounting profession has made a bit of progress since Marx's time. It
> seems to me that we'll have to work out all cases which would include
> the underestimation as well as the overestimation of the lifetimes of
> fixed capital.
You are correct that accountants have made some progress. You probably recall the
materials I posted about 19th C. accounting, but also technological change is more
complex. I don't think that the accountants can help us to understand the future.
-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail email@example.com
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