On Wed, 25 Apr 2001, you wrote: > > > What > >are the workers employed by the slow-turnover capital supposed to be > >doing, while the workers for the high-turnover capital are > >periodically churning out saleable output? They must be "building > >something big", that is accumulating an inventory of work in progress. > >(Marx refers to the example of railways later in the chapter.) > > > Yes but that inventory even if it embodies new direct labor need not > raise the value of the capital stock relative to variable capital > since that stock of unfinished goods may not have any potential value > at all. In some cases it may have no potential value, but these will be exceptional. When we are dealing with the average of an industry, the unfinished - or more to the point unsold but warehoused - goods do have value. When considering overall changes in profitability we have to look at the average firm producing goods which are destined to be sold. -- Paul Cockshott, University of Glasgow, Glasgow, Scotland 0141 330 3125 mobile:07946 476966 paul@cockshott.com http://www.dcs.gla.ac.uk/people/personal/wpc/ http://www.dcs.gla.ac.uk/~wpc/reports/index.html
This archive was generated by hypermail 2b30 : Wed May 02 2001 - 00:00:06 EDT