By David Laibman
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Additional resources for Capitalist Macrodynamics: A Systematic Introduction
It should be noted that 7T and e vary in the same direction; they are therefore alternate ways of measuring the same underlying social reality. Production is the interaction of the active principle of labor with its objective external means, embodied in the physical capital goods upon which labor acts. Marx developed several measures of the crucial relation between the non-human means of production and the flow of living labor; we will need to sort these out. The simplest relation is the ratio between the physical capital stock and the labor flow.
2. The two inequalities in (5) and (6) identify the spaces above (northwest) and below (southeast) of the line. The point A represents the original technique. As can be seen, the two sets of possible new techniques (yu kY) - those that produce a conjunctural profit rate higher than the original uniform one, and those that deliver a new uniform rate lower than the original one - are separated by the line w + roku and are therefore disjoint. No technique is possible that is both viable and profit-rate lowering.
IT can be written as (P/W)/[(W/W) + (P/W)], or e/(l + e), where e = P/W. If the physical quantities P and W are multiplied by the unit labor value, A, they are transformed into quantities of abstract social labor time, the 5 and V (surplus value; variable capital) that will be familiar to readers of Marx; e is therefore the rate of surplus value or rate of exploitation, as defined in Capital, Vol. I. It should be noted that 7T and e vary in the same direction; they are therefore alternate ways of measuring the same underlying social reality.