Re: [OPE-L] equilibrium and simultaneous vs. sequential determination

From: Ian Hunt (ian.hunt@FLINDERS.EDU.AU)
Date: Thu Sep 06 2007 - 23:54:12 EDT

Dear Fred,
Well yes, given that clarification, it may be 
mistaken. Schefold takes a "year" to be fixed 
conventionally. It can be taken as the least 
turnover period of capital, if I recall, but I 
suppose you could complain that this does not 
distinguish between fixed and circulating capital 
as it is in capital accounts (items for which you 
do or do not depreciate)

>Quoting Ian Hunt <ian.hunt@FLINDERS.EDU.AU>:
>>Bertram Schefold ("Fixed Capital as a Joint Product," Jahrbucher für
>>Nationalökonomie und Statistik 192 (1977) has a Sraffa style model
>>with unequal turnover periods of capital. So Fred's comment seems
>>plainly wrong,
>Hi again,
>I have a later version of that paper, and again (as the title indicates)
>the paper is about incorporating fixed capital into a Sraffian model.
>It does not assume unequal periods of turnover of circulating capital
>across industries, which is the problem I was referring to.  The period
>of turnover in all industries is referred to as a "year".  (e.g. "After
>the end of THE YEAR, the new machines leaves the process as a ONE-YEAR
>OLD machine ...; emphasis added).  This would be true in all
>industries, with the same turnover period of one year.
>So the conclusion that you jumped to ("Fred's comment seems plainly wrong")
>itself seems mistaken.
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Associate Professor Ian Hunt,
Dept  of Philosophy, School of Humanities,
Director, Centre for Applied Philosophy,
Flinders University of SA,
Humanities Building,
Bedford Park, SA, 5042,
Ph: (08) 8201 2054 Fax: (08) 8201 2784

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