On 8 April 2010 14:08, Gerald Levy <jerry_levy@verizon.net> wrote:
> I have a number of objections. Let's begin with a simple one: profits (or,
> what you call the
> monetary value of the surplus product,) includes 'investment goods'
No, this is a mistake. Profits do not 'include' anything, they are the total
incomes earned by the entire capitalist class after expenditure on wages and
material costs. The problem is precisely the *non-equivalence* between
profits and the monetary value of the surplus product.
Also investment is here used in the standard sense, as the increase of the
capital stock (and depreciation as we agreed to stick to the net product).
That is, what is over and above the capital goods consumed in the produces.
The initial problematic is not altered.
//Dave Z
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Received on Thu Apr 8 09:35:10 2010
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