John A Imani quoted S. Artesian: > > > > ...produced approximately 9.5 million barrels of oil each day, selling for > roughly 44 dollars per barrel. So the revenue these 9500 companies > accrued each hour was: [ *July 2015* 9500]—( 9.5 million x 44)/24 = $17.42 > million per hour. The 9500 employed 110,100 production and non-supervisory > personnel at $29.67 per hour. Labor costs were 110,100 x29.67 = > $3,266,667. So, the *workers reproduced their hourly wage > approximately in* *11.25 minutes*. > >
This calculation is not correct. We will assume for a minute that the sale price of $44 per barrel is at the value of the oil. Gotta do that if we are after the rate of exploitation. However, the value of the oil includes the paid and unpaid labor of the 110,000 workers and the value of the constant capital transferred to the output, like the wear and tear of derricks or offshore rigs, their drill bits, pumps, etc. (Other workers made those things.) It is an exaggeration to say the necessary labor was 11m15s per hour. S.A.'s calculations go on to calculate huge changes in the necessary labor between 2015 and 2023, owing to the mistake of taking price as equal to value. Necessary and surplus labor are phenomena of production. By packing changes in the market price into the calculation, S.A. reasons from exchange, just like a bourgeois economist. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#29650): https://groups.io/g/marxmail/message/29650 Mute This Topic: https://groups.io/mt/105114020/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
