“The fact that different durations of production processes and different degrees of vertical integration make no difficulties for aggregation permits us to use the diagram almost interchangeably for a single production process and for the economy as a whole.” (p. 394)
Related:
- On scale-independencerevisit
- On substrate-independence (or medium-independence)revisit
- Similarly, to the extent that knowledge is never a scarce resource, humans are potentially interchangeablerevisit
- The rate of interest can be uniform in the evenly rotating economy, because the incommensurable differences are mediated by time-preference schedules (which are comparable thanks to money):revisit
- 5-1b1a2b Anything physical can’t do away with its own contingency
- 10-2g2e7 Abstraction is universal, precisely because they are in the abstract (i.e., itself not contingently constrained by its own physicality)
- 13-1a3a2a The difference is implied in any exchange and division of labor
- 13-5b2a Because of money, the concept of rate of return can be abstracted to the ratio between present goods exchanged against future goods in general
- 13-5b2a0 Utilities or values between persons cannot be compared—but demonstrated time-preference schedules can be compared
- 13-5d1 Capital goods per se are not productive
- 13-5d2 Interest is not the reward of capital goods per se—it is derived from the generalized investment of time