Re: [OPE-L] accumulation of capital and the working class - actual non existence of variable capital

From: Jerry Levy (jerry_levy@VERIZON.NET)
Date: Thu Jan 10 2008 - 20:10:51 EST

An alternative is to say that unproductive labour reduces the
turnover of variable capital and so reduces the rate of profit (ie it makes the variable capital stock larger than it would be if only
surplus value creating labour power were funded).

Hi Ian H:

Yes, that's one way of dealing with the issue. Another way
would be to say that the denominator in the rate of profit

wages for productive labor +
wages for unproductive labor +
constant capital

This would represent a departure from Marx's accounting but
has the advantage of treating the wage bill for unproductive
labor as a cost of production - which, of course, it is.

In solidarity, Jerry

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