[OPE-L:4350] RE: produced and realized profit

Michael_A._Lebowit (mlebowit@sfu.ca)
Tue, 11 Mar 1997 00:39:47 -0800 (PST)

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In message Mon, 10 Mar 1997 22:21:48 -0800 (PST),
Fred Moseley <fmoseley@laneta.apc.org> writes:

> Mike seems to
> argue that Volume 2 introduces a distinction between surplus-value
> PRODUCED and surplus-value REALIZED as being two different quantities,
> and that the latter depends in part on the expenditure of capitalists.
> Therefore, according to Mike, the amount of surplus-value (or profit)
> considered by Marx in Volume 2 and at the beginning of Volume 3 is not
> necessarily the same magnitude as the surplus-value produced, as
> determined by surplus labor time in Volume 1.
> I know of no textual evidence from Volume 2 that discusses a distinction
> between the surplus-value produced and the surplus-value realized, as
> being two different magnitudes.

Unfortunately, Fred is responding to what he sees as my conclusions but
not to my argument. What I have said is:

a. the surplus value shown to be produced in Vol I is surplus value in one
circuit of capital. (Ie., there is no time dimension)
b. in Vol. II (foreshadowed by the same discussion in the Grundrisse), a
new concept of surplus value is developed--- it is now the"annual surplus
value". (For a fuller discussion of this point, see a really old article of
mine: "Marx's Falling Rate of Profit: A Dialectical View," Canadian Journal
of Economics, May 1976.)
c. The annual surplus value is the concept of surplus value (with its time
dimension) which is relevant to the concept of profit (and then the rate of
d. To derive the annual surplus value, the time of circulation is required;
thus, realisation is implicit. Further, realised surplus value is the
concept of surplus value which is relevant to profit as the capitalist
perceives this.

I said more, but I think for now Fred should respond to this. My textual
evidence for this point about the annual S is the Grundrisse and Vol. II.

in solidarity,
Michael A. Lebowitz
Economics Department, Simon Fraser University
Burnaby, B.C. Canada V5A 1S6
Office (604) 291-4669; Office fax: (604) 291-5944
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