By Thomas T. Sekine
Greater than 100 years after the demise of Karl Marx, his monetary paintings is revived the following with analytical rigor. This two-volume research presents an up-to-date model of Marx's fiscal idea in its complete scope, revealing the interior common sense of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.
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Extra resources for An Outline of the Dialectic of Capital: Volume 2
It has already been shown, however, that innovations tend to occur in a cluster in a particular phase of capital accumulation: namely, in the phase of the "deepening" of capital. Hence, the following question poses itself: what will happen to the rate of profit, if many innovations occur simultaneously in the actual process of capital accumulation, raising the organic composition of the aggregate-social capital on the one hand, and entailing an increased production of relative surplus value on the other?
Equilibrium) quantity. e. equilibrium) quantities, is it warranted to say that the value of a com- Theory of Profit 35 modity is commensurate with the amount of technically necessary labour for its production. The same considerations apply to production-prices. In other words, values and production-prices are meaningful concepts only when they tend to settle to definite levels in view of an adequate mobility of resources. An adequate mobility of resources does not mean that all currently employed productive resources should be reshuffled at the slightest variation of demand conditions.
If, however, such technical progress occurs in only one industry in an isolated 52 The Doctrine of Distribution fashion, its effect on the general rate of profit will not be of such a significant magnitude as to warrant a special enquiry. Exactly how much the fall in, say, the value of cotton yarn raises the rate of surplus value, depends on the extent to which this particular commodity, directly or indirectly, forms a major component in the worker's wagebasket. How much the increased value composition of capital in the cotton spinning industry contributes to the raising of society's value composition of capital likewise depends on the importance of this industry in the overall activity of the aggregate-social capital.