Turnover time and the organic composition of capital

Peter Jones

Cambridge Journal of Economics, 2017, vol. 41, issue 1, 81-103

Abstract: This article argues that Marx’s key concepts of the organic and value compositions of capital depend on his concept of the turnover time of variable capital. Methods are given for measuring these three indicators, which are applied to the US national accounts from 1947 onwards. The results show unambiguous tendencies for the organic and value compositions of capital to rise, and for the turnover time of variable capital to fall. This is consistent with Marx’s predictions in Capital and his explanation for the tendency of the rate of profit to fall.

Keywords: : Marx; Organic composition of capital; Turnover time; Rate of profit (search for similar items in EconPapers)
JEL-codes: B51 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/bew031 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:cambje:v:41:y:2017:i:1:p:81-103.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().