From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Wed Jan 25 2006 - 04:54:07 EST
Rakesh writes (in big letters ) If the profit rate did not equalize, the value of a commodity would be represented as or (more accurately resolved into) c+v+s, what Marx calls simple price; however given the tendency towards the equalization of the profit rate, a tendency which grows stronger with the development of capitalist markets and the mobility of labour, the value of a commodity is now represented as m[(1+r)(c+v)], m as the monetary expression of labor time allowing for the translation between price of production and labor magnitudes. As Fred has argued, m is given throughout Marx's theory, and depends in the contemporary economy on the quantity of fiat money. What evidence do you have that the tendancy towards equalization of the rate of profit grows stronger over time? Do you have any econometric data for this? Allin and I have published results that show that the dispersion of profit rates is actually quite wide - certainly wider than the dispersion of profits/wages - roughly speaking (s/v).
This archive was generated by hypermail 2.1.5 : Thu Jan 26 2006 - 00:00:01 EST