Title

Surplus Value Production and Realization in Marxian Theory – Applications to the U.S., 1990–2015

Document Type

Article

Publication Date

10-2018

Department

Economics

Language

English

Publication Title

Review of Political Economy

Abstract

Marx's Capital shows that surplus value can be produced in one industry, yet realized as profit (and possibly revenue) by other industries over the course of circulation. This paper highlights the separation between surplus value production and realization in Marx's work, and develops a new method for estimating surplus value production at the industry level to trace out transfers of surplus value across industries. The framework is based on the ‘New Interpretation’ and links money value added to surplus value production at the industry level. Data on value added by industry for the U.S. are used to estimate surplus value production by industry. The analysis allows comparison of surplus value production and realization in each industry. The pattern of differentials between surplus value creation and realization across industries sheds light on the processes of capitalist competition and points to a source of instability for capitalist economies.

Comments

For more information on the published version, visit Taylor and Francis's Website.

DOI

10.1080/09538259.2018.1525161

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