Gerald_A_Levy wrote:
> ... Rakesh replied:
> > Again I disagree; the determinants of surplus
> > value include turnover
> > time, which is not included in volume I.
I don't see a connection between total surplus value and turnover
time (neither its social average nor the vector of individual
capitals' turnover times).
Regarding surplus value, the working class works some number of
hours of abstract labor during the year. The capitalists pay the
working class a total of wages (variable capital), whose value is
some smaller number of hours of abstract labor. The difference is
the surplus value for the year.
Turnover is the number of times per year that capital completes
the circuit M-C-M'. It reflects the difference between capital
advanced ("invested") and capital consumed in production.
If turnover issues kept the working class idle part of the time,
for example, if capital had to wait for output to sell before
starting the next round of production, then turnover would affect
surplus value. We need to assume that the working class is
employed all year.
Other than this, turnover affects the rate of profit, but not the
surplus value. Does this summary overlook a connection between
turnover and surplus value?
Charles Andrews
Web site for my book is at http://www.LaborRepublic.org
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