From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Fri Jan 11 2008 - 12:47:43 EST
I would express it as as r = (s-u)/K where u is unproductive wages Jerry Levy wrote: > 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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