THE THEORY OF THE LAW.
WITH a given wage and working day, a certain variable capital, for instance of 100,
represents a certain number of employed laborers. It is the index of this number. For
instance, let 100 p.st. be the wages of 100 laborers for one week. If these laborers
perform the same amount of necessary as of surplus-labor, in other words, if they
work daily as much time for themselves as they do for the capitalist, or, in still other
words, if they require as much time for the reproduction of their wages as they do for
the production of surplus-value for the capitalist, then they would produce a total
value of 200 p.st., and the surplus-value would amount to 100 p.st. The rate of
surplus-value, s/V, would be 100%. But we have seen that this rate of surplus-value
would express itself in considerably different rates of profit, according to the different
volumes of constant capitals c and consequently of total capitals C. For the rate of
profit is calculated by the formula s/C.
Take it that the rate of surplus-value is 100%. Now, if
c = 50, and v = 100, then p’ = 100/150, or 66 1/3%.
c = 100, and v = 100, then p’ = 100/200, or 50%.
c = 200, and v = 100, then p’ = 100/300, or 33 1/3%.
c = 300, and v = 100, then p’ = 100/400, or 25%.
c = 400, and v = 100, then p’ = 100/500, or 20%.
In this way, the same rate of surplus-value, with the same degree of labor exploitation,
would express itself in a falling rate of profit, because the material growth of the
constant capital, and consequently of the total capital, implies their growth in value,
although not in the same proportion.
If it is furthermore assumed that this gradual change in the composition of capital is
not confined to some individual spheres of production, but occurs more or less in all,
or at least in the most important ones, so that they imply changes in the organic
average composition of the total capital of a certain society, then the gradual and
relative growth of the constant over the variable capital must necessarily lead to a
gradual fall of the average rate of profit, so long as the rate of surplus-value, or the
intensity of exploitation of labor by capital, remain the same. Now we have seen that
it is one of the laws of capitalist production that its development carries with it a
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