------ =_NextPart_000_01BBC64B.7D0A6260
Content-Type: text/plain; charset="us-ascii"
Content-Transfer-Encoding: 7bit
----------
From: Duncan K. Foley[SMTP:dkf2@columbia.edu]
Sent: 29 October 1996 13:35
To: Multiple recipients of list
Subject: [OPE-L:3554] Re: Productive and Unproductive Labour
Now, Duncan says further:
I think the standard accounting practice effectively keeps track of the
degree to which wages are paid in advance or in arrears, although I'm not
sure of this. Surely in production processes that have long production
times there must be some payment of wages during the production period, so
that the "wage fund" is not negligible.
In the rate of profit calculations, it seems that the appropriate
denominator would be the capital invested including the inventories of
goods in process, which will automatically account for the wages advanced
to the degree that they are advanced. (The financing of inventories,
including inventories of goods in process is quite an important issue in
many industries, so I don't think these inventories are negligible.
Paul C:
I agree that they are not negligible, and I would always include them in
the capital stock. The problem is that if one includes say one months wages
as well, then one has double counting.
------ =_NextPart_000_01BBC64B.7D0A6260
Content-Type: application/ms-tnef
Content-Transfer-Encoding: base64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------ =_NextPart_000_01BBC64B.7D0A6260--