[OPE] No rise is s/v? Kliman's empirical work on the falling rate of profit

I have already described on OPE-L my own views on PUPL and its impact on
S/(C+V), and the statistical meaning of "profit" and "profitability".

As regards value-added statistics, the EU prides itself on the fact that the
share of wages in value-added has fallen
http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-SF-09-028/EN/KS-SF-09-028-EN.PDF

The main thing is that Dr Kliman, like many Marxists, despite his admirable
interest in the data, still appears mesmerized by the concept of value
added, without fully understanding this measure. Karl Marx, unlike Dr
Kliman, never believed that all profit is reducible to surplus labour, and
rejected a "fundamental Marxist theorem". This postulate confuses the
capitalist mode of production with the capitalist society as a whole, in
which production capital is the minor fraction of total social capital. I
will discuss this in a paper called "Karl Marx and the results of
accumulation" (still at a draft stage).

Jurriaan

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Received on Sun Oct 18 10:10:04 2009