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in relation to total manpower. It is however, obvious from
a later part of the chapter ( Das Kapital p.679-680 )
where he speaks of a :general law of capitalist accumulation"
that Marx did not confine the role of technical progress
to this purely adaptive passive role but recognised that it
could develop a lifeof its own and overshoot the mark
by producing more unemployment than the nees of accumulation
would dictate. In other words he envisaged an action of
technical progress which would produce an increasing
rate of unemployment. This, it may be noted, would not
induce an increase in accumulation because the wages would
be stuck at the subsistence level.
This situation would arise when the growth of manpower
and the growth of productivity taken together would exceed
the historically given trend rate of growth of capital.
( The growth of capital,for the economy as a whole,
will be proportionateto the growth of employment, because
capital-constant as well as variable - given a fixed life-time
and disregarding echo waves will be continuously
reproduced at a certain given pace. We may here
conveniently think of capital being measured in terms
of labour value ).
There is then a continuous displacement of labour.
The displacement effect, both before and since Marx,
has given rise to heated discussion. It has been maintained
that the displacement could not be more than a transitional
phenomenon, because in principle an automatic compensation
would be assured by a corresponding amount of new employment.