re Paul C's 5382 > > >What happens is that work is done and immediately transfers its value >to work in progress. There is no value *transferred* from variable capital--either from the value of the money laid out as variable capital or from the value of goods indirectly purchased thereby--to the commodity output. > A reduction in the turnover time by for example >reducing stocks of unsold goods does not affect the flow of value being >created which is entirely determined by the number of million hours >per day worked. The efect that you call a reduction in the turnover time >of variable capital is actually a reduction in the stock of products that >are held in factories and warehouses. >-- The upward effect on the profit rate which my simple example demonstrated is manifestly not derived from any reduction in the stock of products held in factories and warehouses. It obviously derives from a reduction in the variable capital which must be advanced to appropriate a given sum of surplus value. For some reason, this appears to you and Charlie not to be a rise in the rate of exploitation. Yours, Rakesh
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