Laws of Chaos by Emmanuel Farjoun & Moshé Machover

Author:Emmanuel Farjoun & Moshé Machover
Language: eng
Format: epub
Publisher: Verso Books

Now, CG, IG, V and KG are huge and extremely varied aggregates of commodities, to which formula (10) of chapter V can be applied with considerable confidence. This means that we may replace each λ term in the last formula by the corresponding π term divided by Eψ. Then Eψ cancels out and we get the following, as a good approximation:

Here π is not some ideal price but ordinary market price. Now, if we ignore direct taxation on wages etc., π(V) must equal the total weekly money-wage paid by all firms in the economy. Hence the numerator in (5) is exactly the total profit of all firms for one week. Also, π(KG) is the total price of all capital employed in the economy. Therefore the right-hand side of (5) is equal to the average rate of profit in the firm space, ER. In other words, (5) can be re-stated as:

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