I think it makes more sense to take surplus value as the fraction of the working day, and to separate movements in the rate of turnover analytically. Rakesh wants to measure surplus value per turnover of capital, which is a coherent idea, but the conventional division is probably better to maintain. Duncan >A. the debate on turnover time > ================== > >Issue #1: Regarding the *effect of a change > in turnover time* (more specifically a > *decrease* in turnover time): > >-- Paul C (5370) suggests that it represents a >decrease in the organic composition of capital. > >-- Rakesh (5373 and elsewhere) suggests that it >represents a increase in the rate of surplus value. > >-- I'm not quite sure what Michael P's and >Charlie's position on this issue is, although >Charlie (like Paul C) disagrees with Rakesh >about the above. > >Did I get the above right? How do others on >the list weigh in on this question? > >Issue #2: *is variable capital only a flow or is > there a stock and flow of variable capital?* > >-- Charles [5376] refers to the stock of >variable capital and argues [5380] that in the >formula for the rate of profit, both C and V >are stocks. > >-- Paul C argues (5382) that variable capital >"should always be seen as a flow measure" > >What is the take of others on this list about this >issue? >------------------------------------------- -- Duncan K. Foley Leo Model Professor Department of Economics Graduate Faculty New School University 65 Fifth Avenue New York, NY 10003 (212)-229-5906 messages: (212)-229-5717 fax: (212)-229-5724 e-mail: foleyd@cepa.newschool.edu alternate: foleyd@newschool.edu alternate: dkf@ultinet.net webpage: http://cepa.newschool.edu/~foleyd
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