[OPE-L:5416] Re: Re: Re: Re: Re: Re: turnover time and surplus value

From: Paul Cockshott (paul@cockshott.com)
Date: Wed Apr 25 2001 - 07:35:40 EDT

On Wed, 25 Apr 2001, you wrote:

> >   What
> >are the workers employed by the slow-turnover capital supposed to be
> >doing, while the workers for the high-turnover capital are
> >periodically churning out saleable output?  They must be "building
> >something big", that is accumulating an inventory of work in progress.
> >(Marx refers to the example of railways later in the chapter.)
> Yes but that inventory even if it embodies new direct labor need not 
> raise the value of the capital stock relative to variable capital 
> since that stock of unfinished goods may not have any potential value 
> at all.

In some cases it may have no potential value, but these will
be exceptional. When we are dealing with the average of an
industry, the unfinished - or more to the point unsold but
warehoused - goods do have value.  When considering overall
changes in profitability we have to look at the average firm
producing goods which are destined to be sold.

Paul Cockshott, University of Glasgow, Glasgow, Scotland
0141 330 3125  mobile:07946 476966

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