The labour theory of value,risk and the rate of profit |
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| Authors: | J.S. Toms |
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| Affiliation: | 1. Universidad Veracruzana. Facultad de Física e Inteligencia Artificial, Departamento de Física, Lomas del Estadio s/n Zona Universitaria, Xalapa, Veracruz 91000, Mexico;2. Universidad Veracruzana. Facultad de Física e Inteligencia Artificial, Departamento de Inteligencia Artificial, Sebastián Camacho 5, Xalapa, Veracruz 91000, Mexico;3. Programa de Doctorado Sobre Desarrollo Científico y Tecnológico para la Sociedad (DCTS), Centro de Investigación y de Estudios Avanzados del IPN, Av. Instituto Politécnico Nacional 2508, Col. San Pedro Zacatenco, Delegación Gustavo A. Madero, Código Postal 07360 Apartado Postal: 14-740, 07000 México, D.F., Mexico;1. Inmetro, Av. Nossa Senhora das Graças 50, Prédio 06, DMTIC, Xerem, Duque de Caxias, RJ, CEP 25250-020, Brazil;2. FACE-UFMG, Gabinete 3127, Av. Antonio Carlos 6627, Belo Horizonte, MG, CEP 31270-901, Brazil;3. SOAS, University of London, 10 Thornhaugh Street, Russell Square, London WC1H 0XG, United Kingdom;4. FACE-UFMG, Gabinete 3069, Av. Antonio Carlos 6627, Belo Horizonte, MG, CEP 31270-901, Brazil;1. Department of Sociology, State University of New York College at Buffalo, USA;2. Central University of Finance and Economics School of Social Development, Beijing, China |
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| 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. |
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