Michael Perelman asks: >Jim, how would you calculate the reproduction cost of a
2 year old
computer, even in theory? <
try selling it on e-Bay! Then, following Keynes' method, state the price in
wage-units. However, that would only indicate its exchange-value
(labor-commanded).
You could also make an old PC from old parts to get an estimate of its Value.
Since the main problem with PCs is "moral depreciation" rather than physical
depreciation (after the first 90 days or so) that would give a first-guess of
the PC's value.
We agree, however, that we >can use the theory even without measurment. <
Jonathan N. disagrees.
JD
