Heterodox
Chapter 18 of volume 1 of Capital is called “Different Formulae for the Rate of Surplus-Value” and Marx discusses his basic formulae here.For Marx, the rate of surplus value is represented by these formulae:Surplus value = s = Surplus value = Surplus labour —————————— —— ———————————— —————————— Variable capital v Value of labour power Necessary labour The first two formulae are expressed in values, but the third is a ratio of the relevant quantities of time (Marx 1990: 669). For Marx,...
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