Accumulation and Technology

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Accumulation and Technology: Exemplar 2

Author:: Steindl, Josef

Scope:: Typoskript, 25 Blätter, mit zahlreichen handschriftlichen Anstreichungen

Year of publication:: 1984

Source material date:: [vermutlich um/vor 1984]

Note:: Exemplar 2 (Exemplar 1 mit anderen handschriftlichen Anmerkungen siehe AL00656752).

Shelfmark:: S/M.5.2

DOI:: https://doi.org/10.48671/nls.js.AC14446022

11 It had however considerable consequences for Marx's theory and his anticipations with regard to the further development of capitalism. His well known expectation that the share of wages in the product would inevitably and continuously decline depends entirely on the assumption of an increasing capital-output ratio. Indeed if the capital-output ratio remained constant wages per man could increase in step with productivity without diminishing the ratio of surplus to capital and therefor the growth of capital. Since surplus would be a constant share of product which would be in constant proportion to capital, it would be possible to increase capital by a constant percentage year by year, provided a constant proportion of the surplus would he "capitalised". It is only when the capital-output ratio rises that an increasing share of surplus ( and a decreasing share of wages ) is required in order to keep the rate of proft and the rate of growth of capital constant. Now to the other feature of technical progress: Concentration ♦ This was the most successful prediction Marx has made. Concentration of control over private business capital has increased tremendously since the time of Marx and it has continued to increase also recently. We are not so optimistic, it is true, about the ultimate happy outcome of this concentration process. But whatever our hopes, fears or frustrations, on a purely analytical plane there are signs which make us doubtful whether we are justified in extrapolating the trend of concentration into the future.

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