Re: [OPE-L] basics vs. non-basics

From: clyder@GN.APC.ORG
Date: Mon Sep 26 2005 - 16:11:56 EDT

Quoting Ian Wright <iwright@GMAIL.COM>:
> Here's a quote from PCMC:
> "Consider a commodity which enters to an unusually large extent into the
> production of itself. It may be imagined to be come crop such as a species
> of beans or of corn the wastage on which is so great that for every 100
> units sown no more than 110 are reaped. It is clear that this would not
> admit of a rate of profits higher than, or indeed, since other means of
> production must be used as well, as high as, 10%.
> "If the product in question is a basic one there is no problem; it simply
> means that the Maximum rate of profits of the system will have to be less
> than 10%.
> If however it is a non-basic product, complications arise ..." etc.
> -Ian.
The only problem here is the non-equalisation of the rate of
profit which we know is a fact anyway.

The interesting question though is whether the average rate
of profit is still regulated by the basic sector.

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