In New Writings


The welcomed introduction of Fred Moseley to a 27-page excerpt from Marx’s Economic Manuscript of 1867-1868 draws attention to the influence of turnover times on the formation of prices of production. I discuss 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. I provide an alternative decomposition based on Marx’s analysis in the second volume of Capital.

I argue that these pages do not support Moseley’s claim that prices of production are intended only to describe a long-run equilibrium condition; as an alternative I suggest considering the profit adjustment as a result that can be determined at any time, in relation to the dynamic formation of the general rate of profit throughout the equalization process.


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