malthus and exploitation

Paul W. Cockshott cockshpw at
Mon Oct 17 06:41:07 MDT 1994

Jones-Bhandari quoted Yaffe:
"So that the higher the rate of exploitation (the less time it requires to
reproduce the value of labour-power)the greater must be the increase in the
rate of exploitation in order to increase the mass of profits sufficiently
to compensate for the falling rate of profit.
"The tendency of the rate of profit to fall is an expression of the
increasing difficulty in raising the rate of exploitation sufficiently to
satisfy the self-expansion requirements of capitalism as capitalism

I was talking to Michael Pyne from Manchester about this
on Friday. He has apparently just published a book on the
subject in Belgium, it is out in Dutch and French.

He pointed out that c/v can also be expressed
     c     s+v    c   x (1 + s)
    ---  x --- = ---         -
    s+v     v    s+v         v

It is clear from this formulation that a rise in the
rate of surplus value will also raise the organic
composition of capital. From the UK figures for the
last 15 years or so, this seems to have been the
principle mechanism raising the organic composition.


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