Jim, Just an extra point, in case you decide to do the exercise. I'll then let it go:
If you think that using the whole value added as the proxy for surplus value is too clumsy and want to get a bit more detailed, then use the share of (real) consumption that the PWT has. Go Kaleckian (assume workers consume their wages, capitalists invest their profits). And see how that alters things. Or think of what happened to wages in the older richer countries over the period. In the U.S., we know wages went up with GDP/capita or GDP/worker (not the same, but hey) up to the early 1970s, but then they went down. So, yes, the profit rate got a little break. Still, the ceiling kept falling down (or at most, during the 1990s, it went flat). Etc. Got to keep grading. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
