From: glevy@PRATT.EDU
Date: Wed Oct 11 2006 - 08:03:26 EDT
> Although I havenīt followed this whole thread, in my opinion, the
> maximum rate of profit, defined as S/C, derived from V=0, is a limit
> to a particular mathematical expression of the rate of profit, namely
> the rate of profit= f(v) and does not reflect an historical tendency,
> though it is not a mathematical tautology, as it clearly contrasts with
> the idea of the maximum rate of profit being infinite.
> Paul Cooney
Hi Paul:
OK, we agree that it does not reflect a historical tendency. Beyond that,
I would add now:
1) if it is to have any meaning for comprehending a real subject, then
at the limit the subject must still exist. But, logically the existence
of capitalism is impossible where V = 0 since the existence of a positive
quantity of V is a necessary condition for the existence of the subject.
2) [If you must and for the sake of discussion], assume V = 0. What is
the meaning of that to the 'rate of profit'? It would mean that:
0
r = ____
c
i.e. there is an *identity* between the rate of profit and constant
capital.
If, however, there is a 's' in the numerator, then the 'surplus value'
would have been created by dead labor and you have a theory which
asserts that 'at the limit' surplus value is only increased by increases
in constant capital, a result that perhaps would please my good friend
Steve Keen.
What a contrast to Marx's meaning of a maximum rate of profit! In Marx's
theory a maximum rate of profit had important political-economic meaning,
especially for the class of wage-workers -- a class that is assumed away
in the more modern meaning of a maximum rate of profit.
In solidarity, Jerry
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