From: glevy@PRATT.EDU
Date: Fri Apr 23 2004 - 13:36:29 EDT
Hi again Paul C. A quick response before I head to the afternoon session of the "Globalization and Empire" conference and hear David Harvey talk. > Are you talking in stock or flow terms. Flow. I.e. For capital to accumulate, surplus value must be productively consumed at a greater scale than before by investing more money-capital in c and v. > In flow terms, the dimension of variable capital is people, > specifically the number of people needed to reproduce the > work force in the capitalist sector. The dimension of v is not people but the quantity of _money_ paid to productive wage-workers in exchange for the commodity labour-power. A flow. > This is implicitly a stock analysis you are making but > even in this form it wildly wrong. > Your account only makes sense with gold money, with modern money > an accumulation of money is a purely paper operation and > does not represent an accumulation of value. All I was saying is that if we look at the circuit M - C - M' then for there to be capital accumulation the M that goes towards the purchase of c and v in the next period of production must be greater than the M that began the previous period. Thus, the M in Period 2 must be a greater quantity than the M that began Period I. There is no need here for complications that arise because of commodity-money vs. non-commodity-money regimes. In solidarity, Jerry
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