[OPE-L:2899] Re: Value of labour power and real wage

Paul Cockshott (wpc@cs.strath.ac.uk)
Wed, 28 Aug 1996 03:08:55 -0700 (PDT)

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>Paul Z. writes [[hi, Paul. Thanks for your help w/ JAI]]:
>>These remarks of Duncan are consistent with my own understanding, i.e.,
>>it is very important to take the rate of surplus value as fixed in
>>analyzing the falling tendency of the rate of profit.
>Important to make the theory work, perhaps, but in any relevant empirical
>What plausible capitalist dynamic guarantees this, especially since
>capitalists don't base their decisions on value-theoretic categories? In
>light of the latter it seems to me that value-theoretic categories are
>presumptively epiphenomenal in any such account. This presumption can be
>rebutted, of course, but it requires an explicit argument.

The rate of surplus value is generally not fixed, but shows clear
rising secular tendancies. The ratio of wages to profits on the
other hand shows considerably less variation.
Paul Cockshott