In ope-l 5112, Duncan Foley wrote:
"I think Marx uses the phrase 'the most important law of political economy'
[when referring to the law of the tendential fall in the profit rate] to mean
the most important law discovered by Smith and Ricardo. I think he views it as
important because he sees it as a reflection of the technologically
revolutionary character of the capitalist mode of production in contrast to
other technologically stagnant modes of production. In this sense the
'falling rate of profit' for Marx is the other side of the coin of 'relative
surplus value'."
This is not supported by the context:
"This is IN EVERY RESPECT the most important law of modern political economy,
and the most essential for understanding the most difficult relations. It is
the most important law from the historical standpoint. IT IS A LAW WHICH,
DESPITE ITS SIMPLICITY, HAS NEVER BEFORE BEEN GRASPED AND, EVEN LESS,
CONSCIOUSLY ARTICULATED" (Grundrisse, p. 748, caps added).
The text indicates that he views the law as important "in every respect," and
that he is referring to his own original contribution.
Andrew Kliman