Value Composition of Capital, ratio of constant capital to variable capital. It varies both in connection with changes in the technical composition of capital and under the influence of other factors, including: 1) changing volume of constant capital due to the fluctuation in the price of raw materials, fuel and other means of production; 2) changing volume of variable capital (with a constant number of exploited workers) caused by the falling or rising of nominal wages. Therefore, value composition of capital should not be identified with the organic composition of capital. Moreover, the existence of the idea of the organic composition of capital itself is explained by the relative independence of the fluctuations in the value composition of capital from those of its technical composition. While the organic composition of capital is determined by its technical composition and responds to its fluctuations, the value composition of capital can sometimes change although the technical composition will remain the same. Therefore, the indicators of the value composition of capital can sometimes present a distorted picture of its productive capacity and expansion along with technical progress.