Date: Mon Apr 02 2007 - 18:35:32 EDT
> I have never been very successful in getting people on board with this > idea. Michael: We're on the same ship. Where are we headed next? In solidarity, Jerry > Paul > suggests that accountants can evaluate moral depreciation. I'm not so > sure. > Accountants use rules of thumb that reflect past practices. > In addition, when we estimate the c in c + v + s, we're assuming a > process much like > an accountant's rule of thumb. Imagine that you just bought a new 1970 > calculating machine -- for those of you too young to have seen one they > were very big bulky, inefficient, and expensive electro-mechanical > devices to do simple calculations. > The rule of thumb might be that such equipment lasts a decade, but no > sooner have you bought one than cheap calculators come on the market. > Ex post the c seems like a major underestimate. Just recall Marx's > discussion of Babbage's patent net -- I never knew what they did.
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