> [WS:] This is no different from what I was arguing - that part of the
> capitalist income is salary on his/her productive input and part of it is
> rent on his/her position in the system of production. Salary is
> productive, rent is parasitic so the ratio of rent to salary in capitalist
> income is a measure of parasitism. I tend to refrain from the term profit
> because its lack of analytic clarity (per above) and emotive connotation.
> I'd rather use "operating surplus" (which I believe is the technical term
> used in national accounts) or "income" with the understanding that it has
> the element of compensation for services and the element of rent.
>
> I have another question for you - a big chunk of investment capital today
> comes from institutional investors which include for a large part savings
> and retirement funds of millions of grunts who saved their meager earnings
> for the old age. Does the interest earned on these investments constitute
> a parasitic capitalistic profit?
=================
Good god; have you ever *read/studied* anything regarding the Cambridge Capital Controversies???
Where/how "else" do you think profits come from/originate?
Mainstream economics was left without a coherent theory, let alone justification, of profits a really, really, long time ago. How did you miss that in all your sociology seminars?
E.