Reproduction of Fixed Capital and Economic Theory

Abstract

The paper presents a new version of reproduction theory which (unlike Marxs theory) allows the existence of fixed capital reproduction in value terms and the necessity of the current work time expenditure for the realization of this process. The new version permits to solve a well-known problem of the redundancy of the category of "value" and the related problem of the so-called dual system approach. The author managed to formalize Marxs law of value and to discover the circular flow process of "depreciation" money which serves reproduction of the fixed capital.

Modernaspects Of Russian Economy Modernization

“…The average service life of technological equipment in Russia is 18 years, while the period of obsolescence is determined by 10 years or less. In developed economies, the average life of technological equipment is an average of 8 years (Mayevsky, 2010).…”

Mesoeconomics from the Heterodox Perspective and Its Structure

“…Research in the mesoeconomics of reproduction began in the 2010s. It started with the development of a new theory of capital reproduction, considering the principle of a shifting mode of economic reproduction (Maevsky, 2010). The salient feature of the theory is an emphasis on the analysis of coordination mechanisms of real economic processes and the consideration of material and technological factors.…”