From: "John R. Ernst" <ernst-AT-pipeline.com>
Date: Mon, 15 May 1995 00:51:27 -0400
Subject: Re: value and the falling rate of profit


 
Rakesh, 
 
I have two thoughts on your response. 
 
1. I don't think that machines are easily tossed overboard because they no
longer can be used profitably.  Consider the gains in 
productivity needed to generate such increases as well as the capital
required to achieve them.  Again, I'd like to see this in a 
structure of production model.  Such a model would seem a bit 
more realistic than assuming away technical change for the sake 
of a critique of neo-classical thought.   
 
2. Marx himself stated that the turnover of fixed capital would form the
material basis of his crisis theory.   Should we not, at least, explore
that turnover with technical change prior to letting him rest 
on the scrap heap of static critiques. 
 
 
                                                      As always, 
 
                                                      John R. Ernst 
 
 


     --- from list marxism-AT-lists.village.virginia.edu ---

     ------------------