Location of Repository

The labour theory of value, risk and the rate of profit

By S. Toms

Abstract

The paper extends Marx’s law of value to include the effects of risk. It shows how risk has its origins in the labour process and is transferred between labour and capital on an unequal basis and between capitals on a zero sum basis. An empirical test is then presented, which shows that the employment of labour increases risk from the point of view of the investing capitalist. The conclusion is that the employment of labour is a curate’s egg from capital’s point of view. On the one hand it is essential for the production of sustainable surplus value and therefore for competitive advantage and capital accumulation. On the other hand employment of labour renders such accumulation inherently risky and therefore commensurately more costly to the rational capitalist investor

Publisher: Department of Management Studies, University of York
Year: 2005
OAI identifier: oai:eprints.whiterose.ac.uk:2571

Suggested articles

Preview


To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.