Re: Re: [fla-left] [labor/gender issues/corporate dominance] Women & The Wal-Mart Trap (fwd)

[Jim Devine <jdevine@xxxxxxxxxxxxxxx>]

Edward Wolff writes:
> ...The movement of the rate of profit over time is due to two major
> effects: changes in the share of profits in value added and movements in
> the organic composition. The latter, in turn, is due to movements in
> sectoral organic composition levels and shifts in the employment shares
> among industries. On the basis of equations (8) and (16), we can separate
> out the effects of shifts in employment composition on the movement of the
> overall rate of profit. Results are shown in Panels C and D for the two
> profit rate measures. The results show rather persuasively that structural
> shifts were an important offset to rising organic composition on the
> industry level.

I've thought for a long time that Marx's theory of the falling rate of
profit is primarily a microeconomic theory (though he stated it for a
representative capital), which is only sometimes expressed in macroeconomic
averages.

Any thoughts?

Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine