(The following was written yesterday but I did not send it because I was not entirely satisfied with it as an answer. To the extent, though, that it seems to touch on an issue being debated by Allin and Rakesh [5413], I have decided to send it anyway. One issue below that I am addressing is how a reduction in turnover time, as exemplified by just-in-time production, can have contradictory impacts on the organic composition of capital, JL) Paul C wrote in [5381]: > A reduced turnover time is equivalent to having > a smaller stock of work in progress - the aim > of just in time manufacturing is to reduce this > stock. The effect is to lower the organic > composition of capital. I agree that a smaller quantity of 'work in progress' caused by JITM will lead to a reduction in the organic composition of capital. In this case, firms can purchase smaller manufacturing facilities and spend less on storage costs (including fuel and electricity) of parts. This represents a decrease in c. It can _also_ represent a reduction in v, however, to the extent that less labor is required now for storage which causes total labor requirements to be diminished. However,*if* a reduction in the turnover time means that unsold inventory is reduced, and thereby there is a reduction in circulation time, does this also represent a decrease in c? To some extent, I would say 'yes' because the storage costs for unsold output will be decreased. However, I don't think that it is accurate to view the unsold commodity output *itself* as constant capital. Rather, the output is presumed to take the commodity- form and have value but does not take the capital-form unless and until it is exchanged for money whereupon money-capital received can then be used to purchase c and v. Perhaps I have misunderstood your point: do you consider unsold output to be part of c? In solidarity, Jerry [PS to Rakesh on signifying 'thingifying': there is a time for all things. Neither Marx nor Cottrell viewed time as a 'thing'. Time is not a 'thing'. It is a dimension, along with space, in which things exist.]
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