re4077 >Rakesh in #4075: > >"While the total magnitude of new value added (NV) is determined by the >value of the means of production consumed in the commodity output, plus the >surplus value produced by workers, the s component of that total new value >is determined by substracting from total new value (NV) THE REPLACEMENT >COST of c and v. That cost however is determined at t+1. That is, the >denominator of the rate of profit is defined by the inputs c+v at t; while >the numerator s is determined by substracting from new value added (NV) the >replacement costs of c+v at t+1." > >I think this is Brody's and Morishima's position but hardly Marx's. It >seems to me that Marx's is interested in accounting the social expenditure >of human labor power necessary to (re)produce a commodity at a certain >point of time. This involves the reckoning of a *real* magnitude, i.e. the >expenditure of human labor time that society has actually *made* up to this >time. Alejandro, You may well be right; I think I have misread how Marx defines replacement cost at the beginning of Vol 3. But then will you agree with me that ac and av are determined by the prices of production at t+1. ac and av represent the accumulation of constant and variable capital. So then capitalist consumption=NV-(c+v at t prices) -(ac+av at t+1 prices). Surplus value can be said to be NV-c+v at t prices. So the dilemma of consumption versus accumulation confronts the capitalist. At least there is *something* tricky going on with time subscripts in the numerator. Yours, Rakesh
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