* From: Jim Devine *
> I think Michael Perelman derives a problem with Marx's idea of a
part of the
> means of production adding its value over a period of time to the
products
> it contributes in making.
Marx thought of fixed capital as having its value transferred to new
products as it depreciates. This doesn't makes much sense to me (for
the kind of reason that MP talks about). I think it's best to think
of
the law of value as applying only to new production (to value-added,
i.e., the value of a product minus the value of the raw materials
and
intermediate products that were transformed by labor in making it).
I'm willing to be convinced otherwise.
^^^^^^
CB: What was Michael's reasoning again ?
