Jim Devine writes:
the "productivity of capital" is sloppy writing. It refers to the ratio of
output to fixed capital equipment (the inverse of some measures of the
organic composition of capital). But, at least in Marxian lingo, fixed
capital isn't productive. However, it can be "indirectly productive,"
i.e., raising the productivity of productive labor.
Thanks a lot :-) Actually since I was citing the data from Dumenil & Levy
in their RRPE article, I stuck to THEIR term. It raised my eyebrows as
well, but they are not sloppy people (being French?) and I suspect they are
going somewhere with this so I will let it stand - for now. But it is good
you clarified it.
More seriously, thanks for taking on Mike's question.
Paul
