From: Jerry Levy (jerry_levy@VERIZON.NET)
Date: Thu Jan 10 2008 - 20:10:51 EST
An alternative is to say that unproductive labour reduces the turnover of variable capital and so reduces the rate of profit (ie it makes the variable capital stock larger than it would be if only surplus value creating labour power were funded). Hi Ian H: Yes, that's one way of dealing with the issue. Another way would be to say that the denominator in the rate of profit equals: wages for productive labor + wages for unproductive labor + constant capital This would represent a departure from Marx's accounting but has the advantage of treating the wage bill for unproductive labor as a cost of production - which, of course, it is. In solidarity, Jerry
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