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A little more on Chai-on's [OPE-L:2554]:
I'm not sure which edition of Volume 2 Chai-on was quoting from, but
the Penguin edition has a significantly different version of this
paragraph (pp. 252-254). Significantly, whereas the edition that Chai-on
cited indicated that that this "must be classed as circulating capital",
the Penguin edition has "The capital spent on it belongs to that part of
fluid capital ...." (Ibid, p. 253). There is also no mention in this
paragraph in the Penguin edition of how this represents "unproductive
costs".
More to the point is the following:
"The extra capital that is replaced in this way is part of the
fluid capital, even though the expenditure is of an irregular
kind. Since it is of the utmost importance to treat every
ailment of the machinery immediately, every large factory has,
in addition to the factory workers proper, a staff on engineer,
carpenter, mechanic, fitter, etc. *Their wages form part of the
variable capital* and the value of their labour is distributed
over the product. The expenditure that the means of production
require is determined according to this average calculation and
always forms a corresponding portion of the value of the
product, even though it is in fact advanced at irregular
intervals and so also enters the product, i.e. the fixed
capital, irregularly. This capital spent on repairs in the
strict sense forms in many respects a capital of a peculiar
kind; it cannot be properly classed either as fluid or fixed
capital, but, since it is part of the running expenses, it
tends towards the first of the two forms" (Ibid, p. 255,
emphasis added, JL).
In solidarity, Jerry
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