Turnover Time and Marx’s Decomposition of Profit Adjustment in the Process of Equalization

Guido De Marco

A chapter in Value, Money, Profit, and Capital Today, 2023, vol. 39, pp 145-165 from Emerald Group Publishing Limited

Abstract: The welcomed introduction of Fred Moseley to a 27-page excerpt from Marx'sEconomic Manuscript of 1867–1868draws attention to the influence of turnover times on the formation of prices of production. This chapter discusses the profit-adjustment decomposition outlined by Marx in these pages where he tries to distinguish the influences of turnover time and capital composition on the formation of the prices of production. It provides an alternative decomposition based on Marx's analysis in the second volume of Capital and argues that these pages do not support Moseley's claim that prices of production are intended only to describe a long-run equilibrium condition. It therefore suggests considering the profit adjustment in relation to the dynamic formation of the general rate of profit throughout the equalization process.

Keywords: Turnover of capital; real rate of surplus value; general rate of profit; prices of production; transformation of surplus value; process of capital reproduction; equalization process (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rpeczz:s0161-723020230000039009

DOI: 10.1108/S0161-723020230000039009

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