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The public roads and the fixed capital of the financial sector represent
unproductive expenditures, that is expenditures from the surplus value
produced by productive laborers. During the years of their construction,
their cost should be included as part of the total economic surplus. After
their construction, their maintenance costs should be included as part of
the annual surplus. However, I restrict measures of the capital stock only
to capital invested in productive activity. This raises an interesting
issue then since productive capital will be less than the economy's ability
to produce goods and services.
At 10:39 AM 6/2/00 +0100, you wrote:
>At 23:45 01/06/00 -0400, you wrote:
>>I can see a case for this, if one is trying to measure a "social
>>rate of profit". The fixed capital in banking is certainly
>>accumulated past labour, and it was accumulated by capitalist
>>enterprises in the expectation of profit, even if it does not
>>serve as a means of extracting surplus value from current
>In that case do publicly owned roads enter into the determination
>of the social rate of profit?
>Were the roads privately owned they would.
>Were the whole economy publicly owned they would enter into
>the determination of the maximum growth rate of the stock of
>social means of production - the Von Neumann analogue of the
>rate of profit?
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