From: "John R. Ernst" <ernst-AT-pipeline.com>
Date: Sun, 14 May 1995 21:25:35 -0400
Subject: Re: Moral depreciation


 
Rakesh, 
 
 
I agree that the factors  bringing about "moral depreciation" also  
force workers to work longer and harder.   But to say that the category is
not problematic to either technical change or to the rate of profit has yet
to be demonstrated.  That is,  I would like to see the Okishio Theorem
extended by those who think it is valid with morally depreciating fixed
capital.  Perhaps, they have done this.  I have been away from the
literature for more time than I would like.    
 
 
                                                             Best 
 
 
                                                             John Ernst 


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