I've prepared a short mathematical statement on this. Since (although the math is just simple algebra) it's difficult to present my argument clearly in plain ascii I'm making it available as a PDF file (16Kbytes). http://ricardo.ecn.wfu.edu/~cottrell/turnover.pdf The note is intended to show how to decompose the effect on the rate of profit of an improvement of labour productivity into the two components (a) increased exploitation effect, (b) reduced turnover time effect. Allin.
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