Replacement Costs, Stocks and the Valuation of Inputs
This unpublished paper, written for distribution on the OPE-L list, seeks to clarify the conception of socially necessary labour time in Marx’s conception of value. It shows that this is not reducible to ‘replacement cost’ as simultaneist authors argue. Moreover that the implied conception of a compulsion upon capitalists to replace consumed inputs, along with attendant concepts such as a physical surplus product arising from replacement in kind, is alien to Marx’s thinking. The notion of replacement cost leads to obvious logical contradiction, and a full treatment must account properly for stocks of constant capital. This is an earlier version of the paper by the same name that was submitted to the 1995 conference of the Eastern Economic Association
|Date of creation:||25 Apr 1995|
|Date of revision:|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:9011. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.