On Sat, 30 Mar 1996, Paul Zarembka wrote:
> In my interpretation, the emphasis of accumulation of capital should not
> be on the increase in the labor-time embodied in means of production
> (which actually is not that far away from the neoclassical use of
> "accumulation of capital"). The emphasis should rather be on increase in
> the number of labor hours of living labor--for the heart of capitalism is
> exploitation and so the heart of accumulation is increase in the
> exploited labor time.
That may well be so, but in context -- i.e. in discussing Alan F's
remarks on accumulation, profitability and Okishio -- the focus was on
what happens to the rate of profit when a net accumulation of 'dead
labour' in the form of means of production occurs.
Allin.