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Next message: Gil Skillman: "[OPE-L:3966] Re: Critiquing exploitation"
Next message: Gil Skillman: "[OPE-L:3966] Re: Critiquing exploitation"
Next message: Gil Skillman: "[OPE-L:3966] Re: Critiquing exploitation"
Next message: Gil Skillman: "[OPE-L:3966] Re: Critiquing exploitation"
Next message: Gil Skillman: "[OPE-L:3966] Re: Critiquing exploitation"
Previous message: andrew kliman: "[OPE-L:3965] Re: Critiquing exploitation"
I want to respond to an earlier note by Jerry about negative surplus
value.
His comment is correct. His second possibility is what I had in mind.
I believe that this process was in fact operative, at least in the U.S.
in the late 19th century. Technical change was rapid enough that
capitalists could not recover their capital outlays. In this
environment, both labor and capital suffered losses, even though the
economy was expanding rapidly. I suspect that something similar might
be brewing today.
Gerald Levy wrote:
>
> Michael P wrote in [OPE-L:3917]:
>
> > I have mentioned several times in the past that when technological change
> > is too rapid firms may have to renew their capital stock before they have
> > amoritized it. When this behavior is too common, negative surplus value
> > will resort.
>
> This can be explained in a couple of different ways:
>
[snip]
>
> (2) Suppose that all capitalists within a branch of production experienced
> a loss as a result of the premature obsolescence of constant fixed
> capital. In that case, profit could become negative not because of
> "negative surplus value" but, rather, because the capitalists were not
> able to realize the *transfer of value* from the constant fixed capital
> that they had originally anticipated.
>
> In solidarity, Jerry
-- Michael Perelman Economics Department California State University Chico, CA 95929Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu