> Secondly, by 'capital accumulation' we mean a growth of the stock of > *real* capital of the *entire economy*. Thus it is closely related to > the improvement in the productive capacity of the economy (what I took > to be 'merit (1)').
Hi Dave:
Ah, capital accumulation! I can almost hear Paul Z's footsteps.
I take capital accumulation to mean the following: it is made
possible when and because capitalists reinvest capital (in the form of
money capital) to purchase additional constant capital and
variable capital. What limits the rate of accumulation, in the first
instance, is the rate of unproductive consumption. This unproductive
consumption takes the form of individual consumption of capitalists
and monies transferred as revenues to the state. Faux frais could also
be seen, in this sense, as unproductive consumption because it is the use
of monies for another purpose than purchasing additional c and v.
Whether service industries contribute towards accumulation depends on
whether you believe that the wage bill in the service sector represents v
and, therefore, monies to be paid as wages for _productive_ labor.
Around in a circle we go ....
Where do you disagree with this?
In solidarity, Jerry
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Received on Thu Jan 8 14:06:59 2009
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