[OPE-L:3302] Re: Equal Profit Rates

Paul Cockshott (wpc@cs.strath.ac.uk)
Mon, 7 Oct 1996 02:39:47 -0700 (PDT)

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>Paul wrote (in part):
>
>>WPC:
>>Let us call A the rate of technical advance. That is to say
>>A is positive when the amount of labour reauired to produce
>>the Sraffian standard commodity declines over an infinitessimal
>>time interval. ( By using infinitessimals one can to a first
>>approximation ignore changes in the composition of the standard
>>commodity ).
>>
>>Then,
>>1. the instantaneous rate of profit will be a negative
>>function of A due to stock depreciation effects.
>>
>>2. the rate of decline of the rate of profit will be
>>a negative function of A, for any given instantaneous
>>configuration of accumulation. ( the greater the advance
>>the slower the rate of decline of the rate of profit ).
>>
>>3. the long run equilibrium rate of profit ( insofar as
>>such a concept has meaning ) for any given rate of accumulation
>>and rate of change of the labour force, will be a rising
>>function of A. This is because technical advance limits the
>>rate of accumulation ( stock depreciation effect (1)).
>
>Paul, I'd be very much interested in seeing how you derived these results.
>Do you have a paper on this yet? Is it on your website?
>
>Duncan
>
>Duncan K. Foley
>Department of Economics
>Barnard College
>New York, NY 10027
>(212)-854-3790
>fax: (212)-854-8947
>e-mail: dkf2@columbia.edu
>
>
>

Allin and I worked it out a couple of years back, the calculus
is not terribly demanding, I wrote a short note on it that I gave
as a comment to Alan at the CSE two years ago, I will try and
dredge out the tex file for it.
Paul Cockshott

wpc@cs.strath.ac.uk
http://www.cs.strath.ac.uk/CS/Biog/wpc/index.html