reply to Keen

Paul W. Cockshott cockshpw at wfu.edu
Wed Sep 28 12:11:39 MDT 1994


Steve Keen said that he would accept as a rejection of his theory that
the means of production are a source of surplus value a finding that
the rate of profit was lower in industries with a higher organic
composition.

Using the British i/o tables I find a negative correlation of -0.15
between the rate of profit and the organic composition, i.e., there
is a tendancy for industries with a high organic composition to have
a lower rate of profit.

This involves calculations done in flow terms, it would be interesting
if someone with access to the US tables which give capital stock data
could repeat the experiment.



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