Marx's Analysis of the Falling Rate of Profit in the First Version of Volume III of Capital
AbstractThe paper provides a description and analysis of the Hodgskin section of Theories of Surplus Value and the general law section of the first version of Volume III of Capital. It then considers Part III of Volume III, the evolution of Marx's thought and various interpretations of his theory in the light of this analysis. It is suggested that Marx thought that the rate of profit must fall and even in the 1870s hoped to be able to provide a demonstration of this. However the main conclusions are: 1. Marx's major attempt to show that the rate of profit must fall occurred in the general law section. 2. Part III does not contain a demonstration that the rate of profit must fall. 3. Marx was never able to demonstrate that the rate of profit must fall and he was aware of this.
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Bibliographic InfoPaper provided by Barcelona Graduate School of Economics in its series Working Papers with number 25.
Date of creation: Oct 2003
Date of revision:
Marx; falling rate; profit;
Find related papers by JEL classification:
- P10 - Economic Systems - - Capitalist Systems - - - General
- Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General
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- Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 2(2), pages 233-51, June.
- Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 1(1), pages 93-100, March.
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