[lbo-talk] Marx before Minsky

[Matthias Wasser]

On 2/1/09, michael perelman <michael at ecst.csuchico.edu> wrote:
>
> One of the main factors hidden in our discussion is the fact that much
> of manufacturing has not been renewing capital, but letting it age. As a
> result you can get increases in production at having some new capital,
> but letting existing capital get old.
>
> I'm too swamped now to fish out the data, but as I recall much of the
> investment in manufacturing is coming out of depreciation funds.
>

This was a big problem with Soviet industry from the 70s on, IIRC.