Smith’s “Perfect Liberty” and Marx’s Equalized Rate of Surplus-Value
Marx’s theory of surplus-value is fundamental to his innovations in the theory of value and Classical Political Economy. When Marx’s theory of surplus-value is considered in the context of the long-period method, the dynamics of surplus-value and its importance to Marx’s overall framework can be properly presented. This approach reveals that Marx’s use of an equalized rate of surplus-value across sectors of production in Volume III of Capital is not merely a convenient assumption. The equalization of the sectoral rate of surplus-value is in fact one of the central tendencies of Marx’s framework, and is elevated to the level of an economic law by Marx. The reasoning behind Marx’s use of an equalized rate of surplus-value is the mobility of labor found in Adam Smith. This reasoning, when combined with the long-period method, reveals that the rate of surplus-value across sectors is subject to the same turbulent dynamics and equalization process as the rate of profit, and should not be deviated from when applying Marx’s vision.
|Date of creation:||Oct 2011|
|Contact details of provider:|| Postal: 65 Fifth Avenue, Room 350, New York, NY 10003|
Phone: (212) 229-5717
Fax: (212) 229-5724
Web page: http://www.newschool.edu/nssr/economics/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dong-Min Rieu, 2008. "Estimating Sectoral Rates Of Surplus Value: Methodological Issues," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 557-573, November.
- Gérard Duménil & Duncan Foley & Dominique Lévy, 2009. "A Note On The Formal Treatment Of Exploitation In A Model With Heterogenous Labor," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 560-567, 07.
- Dong-Min Rieu, 2009. "The 'New Interpretation': Questions Answered And Unanswered," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 568-570, 07.
When requesting a correction, please mention this item's handle: RePEc:new:wpaper:1108. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark Setterfield)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.