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A note on the organic composition of capital and profit rates

Author

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  • W. Paul Cockshott
  • Allin Cottrell

Abstract

It is widely believed that the rate of profit across industrial sectors, while not in fact uniform as stipulated in the theory of prices of production, is independent of the sectoral organic composition of capital. It follows that the simple labour theory of value must be systematically in error as a predictor of actual sectoral aggregate prices. We offer empirical evidence from the US economy (1987 input--output table) suggesting that this is not so: there is a substantial and statistically significant negative association between organic composition and profit rate across sectors. Copyright 2003, Oxford University Press.

Suggested Citation

  • W. Paul Cockshott & Allin Cottrell, 2003. "A note on the organic composition of capital and profit rates," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(5), pages 749-754, September.
    • Handle: RePEc:oup:cambje:v:27:y:2003:i:5:p:749-754
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    Cited by:

    1. Emilio Díaz & Rubén Osuna, 2007. "Indeterminacy in price–value correlation measures," Empirical Economics, Springer, vol. 33(3), pages 389-399, November.
    2. Cottrell, Allin & Cockshott, W. Paul, 2007. "Against Hayek," MPRA Paper 6062, University Library of Munich, Germany.
    3. Emilio Díaz & Rubén Osuna, 2009. "From correlation to dispersion: geometry of the price-value deviation," Empirical Economics, Springer, vol. 36(2), pages 427-440, May.

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