From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Tue Jun 10 2003 - 10:23:08 EDT
Rakesh Bhandari wrote:
> What effects does variance in turnover time and the rate of surplus
> value have on value-price disparity? We seem to be considering only
> variance in capital composition.
>
> Yours, Rakesh
1. Turnover time. This is strictly equivalent to a change in
capital composition. However the paper I quoted was
based on flow rates of profit for the UK. We have
done subsequent work, currently in press with the
Cambridge Journal, that replicates the UK results
for the US where better capital stock data is available.
2. Rate of surplus value. Measured sector by sector the dispersion of
s/(s+v) for the UK showed a coefficient of variation of 0.423
the rate of profit s/(c+v) showed a coefficient of variation of
0.608.
Price of production theory would lead one to expect the coefficient
of variation of rate of profit to be narrower than those of rates of
surplus value, in fact the opposite holds.
--
Paul Cockshott
Dept Computing Science
University of Glasgow
0141 330 3125
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