Mike L. argued in (4350)
a. the surplus value shown to be produced in Vol I is surplus value in one
circuit of capital. (Ie., there is no time dimension)
b. in Vol. II (foreshadowed by the same discussion in the Grundrisse), a
new concept of surplus value is developed--- it is now the"annual surplus
value"...
c. The annual surplus value is the concept of surplus value (with its time
dimension) which is relevant to the concept of profit (and then the rate
of profit)
d. To derive the annual surplus value, the time of circulation is
required; thus, realisation is implicit. Further, realised surplus value
is the concept of surplus value which is relevant to profit as the
capitalist perceives this.
Mike, I agree with all of this. I agree that surplus-value at the end of
volume 2 and the beginning of Volume 3 is not the same as the surplus-value
at the end of Volume 1, in the sense that the latter may be considered as
the surplus-value of one turnover period and the former is the surplus-value
produced over an entire year, which will depend in part on the number of
turnovers of capital which Marx analyzed in Volume 2.
However, what you also seem to be suggesting is that Marx analyzed in Volume
2 the possibility that the magnitude of the "realized" surplus-value per
year at the end of Volume 2 may be different from the magnitude of the
"produced" surplus-value per year. This distinction between surplus-value
"produced" and "realized" - in the sense that they are or may be different
magnitudes - is what I see no textual evidence for in Volume 2. It seems to
me that Marx assumed throughout Volume 2 that all the surplus-value produced
is realised. I would appreciate a discussion of the textual evidence on
this particular point - the different magnitudes of "produced" and
"realized" surplus-value in volume 2. Thanks a lot.
I also look forward to further discussion (as suggested by Paul C.) of
precisely how Marx's theory can be developed further - I would say beyond
the three volumes of Capital - to include the possibility that the
surplus-value "produced" and the surplus-value "realized" may be two
different magnitudes. But I would first like to clarify precisely how Marx
treated this issue in Volume 2.
Comradely,
Fred