Date: Sun, 14 May 1995 23:34:46 -0400 (EDT)
From: glevy-AT-acnet.pratt.edu
Subject: Moral depreciation



The postings by Rakesh and John Ernst raise some important points. As I 
see it, the topic of "moral depreciation" has potential relevance for:

1)  "the intensification of labor at a late stage of capitalism" 
(Rakesh's point).  I agree with Rakesh's interpretation of the context of 
moral depreciation in Volume 1 of "Capital."  The connection of that idea 
to Grossman, the contemporary relevance of Grossman's theories, and the 
issue of how moral depreciation, labor intensity and constant fixed 
capital relate to each other are all interesting topics that others on 
the list might want to consider and comment on.

2.  John's point that moral depreciation wasn't considered by the 
Neo-Ricardians or taken into account by Okishio is similarly a very 
interesting point that some of the Neo-Ricardians on the list might want 
to consider.  Marxist economists also might want to consider (as John 
suggests) the relation of moral depreciation to technical change, the 
general rate of profit, and the tendency for the rate of profit to decline.

3.  I have suggested that moral depreciation has contemporary relevance 
for understanding the dynamics of technological change.  I assume that 
all would agree that the question of forced obsolescence of means of 
production is an important issue for understanding the timing of 
technical change.  Perhaps the issue also has relevance for understanding 
the trade cycle and the particular forms in which capitalist crises 
appear and the way in which crises are overcome.

Since I know that Mr. Dana will respond to this, I can only repeat my 
earlier suggestion that we use our time to converse about important 
issues with which we are concerned rather than responding tit-for-tat 
with that.

For all the mothers on the list:  Happy Mother's Day!

                                                Jerry Levy


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