On Sun, Feb 01, 2009 at 06:53:29PM -0500, Matthias Wasser wrote:
> 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.
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-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com