Jerry:
>What makes possible the extended reproduction of capital?
Paul C.
>It is possible for capital to accumulate even under conditions of
>declining production of surplus value. The consequence is a fall
>in the rate of profit. But it can certainly occur.
I agree with Paul. If surplus value produced exceeds capitalist
consumption, accumulation of capital is possible. I think it is
also necessary for capitalist accumulation that reserve army exists
for capitalists. Capitalist accumulation creates relative surplus
population in its motion for the necessity of existence of labor-
power to be exploited.
If we relate this to wage rate, wage rate may not exceed the level
that allows workers to be capitalists and may not be lowered below
the level that forces workers to be non-capital self-employed,
according to Okishio(#). I see this is an interesting view on wage
rate. And within this band of wage rates, capitalist accumulation
is possible. So this band of wage rate is also a condition of
capitalist accumulation that represents in the sphere of prices.
# Nobuo Okishio "Theory of accumulation" (Chikuma-shobo,1976)
In OPE-L solidarity,
Iwao
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Iwao Kitamura
mail-to: ikita@st.rim.or.jp