[OPE-L:5642] Re: the infinite regression critique

[Allin Cottrell <cottrell@xxxxxxx>]

Jerry quotes Rakesh (quoting Carchedi, quoting Joan Robinson!),

> I think Ajit is saying that Hegelian (sic) value theory has no
> answer to Joan Robinson's challenge (dubbed the infinite
> regression critique by Carchedi): "the constant capital was
> produced in the past by labour time working with then pre-existing
> constant capital and so on, ad infinitum backwards. It therefore
> cannot be reduced simply to a number of labour hours that can be
> added to the net value of the current year. And there is no
> advantage in doing so." quoted in Carchedi, 1990, p. 96.

And asks:

> What other answers have been offered in the literature to the
> "infinite regression critique"?

This critique seems trivial, dumb.  It's hard to believe that Joan
Robinson didn't know how to find the limit of a convergent geometric
series.

Allin.