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14. Turnover Time and Fixed and Circulating Capital

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Chapter Summary

Turnover time is the period during which capital fulfils its various functions in order to end up in the same function as in the beginning. The turnover mode, inside constant capital, is not homogeneous or qualitatively identical. This nonhomogeneity stems from the mode of transmission of the value of the elements of productive capital to the commodities. Fixed capital is characterised by this specific turnover mode and necessarily participates in several production periods of any commodity. Marx is the first economist to have introduced a valid distinction, which conforms to the nature of capital, between fixed and circulating capital. The British economist William Stanley Jevons, one of the founders of neo-classical economics, in his 1871 work The Theory of Political Economy, considers that labour cannot be the source of value. Jevons remarks that the production of 'roundabout' means is time-consuming. During this time, capital is invested.

Keywords: circulating capital; fixed capital; neo-classical economics; turnover time; William Stanley Jevons



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