[OPE-L:2408] Profit share and profit share

From: P.J.Wells@open.ac.uk
Date: Thu Feb 24 2000 - 08:21:02 EST

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Marx wrote:

"The habit of representing surplus-value and value of labour-power as
fractions of the value created - a habit that originates in the capitalist
mode of production itself, and whose import will hereafter be disclosed -
conceals the very transaction that characterises capital, namely the
exchange of variable capital for living labour-power, and the consequent
exclusion of the labourer from the product. Instead of the real fact, we
have the false semblance of an association, in which the labourer and
capitalist divide the product in proportion to the different elements which
they respectively contribute toward its formation..." (K1 [1967] p. 533).

Given that many heterodox studies do in fact look at the profit share rather
than the profit rate, what is the import of this habit, and where does Marx
disclose it?


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