From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Tue Feb 27 2007 - 23:07:26 EST
>Hi, Rakesh, > > > >No. I would reckon all wages as part of the variable capital since what >counts to me is the collective worker, a concept of Marx that is usually >forgotten. Therefore there is no need that the price of those industries is >above or below its regulating centre only for that reason. Many workers in the high tech industry have been paid in options rather than just wages. It seems to be a kind of premium or scarcity rent some highly skilled workers receive or are supposed to receive. How this affects profit rate equalization and prices in high tech industries I do not know. Just marking the question. Rakesh > > > >Cheers, > >Diego > > > > > > > > > > > >----- Original Message ----- >From: "Rakesh Bhandari" <bhandari@BERKELEY.EDU> >To: <OPE-L@SUS.CSUCHICO.EDU> >Sent: Tuesday, February 27, 2007 5:36 PM >Subject: Re: [OPE-L] questions on the interpretation of labour values > >> > >>> >>>3) And think of the following as a general reflection: "if there are >>>taxes, >>>payments to unproductive labor, rents, or interest payments, the tendency >>>may be to equalize net profits after deducting these items" (Foley, 1982, >>>p. >>>46). It is clear that it is a "tendency", not a short-term fluctuation, >>>and >>>also that the resulting prices, that include gross profits, not just net >>>profits, would be different from production prices in all those cases. >> >> >>Hi Diego, >> >>Writing near Silicon Valley...if there are scarcity rents included in >>the wages of highly skilled labor in what James Galbraith calls the >>knowledge intensive capital goods industries--and there may not >>be--does the tendency to equalize profit rates obtain only after >>deducting such scarcity rent? How would knowledge intensive capital >>good industries maintain prices above values to pay scarcity rent >>wages while still receiving the equalized net profit rate? What role >>do patents and intellectual property rights play in this or barriers >>to entry in knowledge intensive capital goods? >> >>Yours, Rakesh
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