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A Critical Note on Marx’s Theory of Profits

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  • Mariolis, Theodore

Abstract

This paper shows that Marx’s theory of profits is based, implicitly, on the existence of a vertically integrated sector that (i) can produce the exact amount of commodities re-ceived as wages; (ii) includes all the processes of production actually used in the econ-omy considered; and (iii) constitutes a quasi-one-commodity system. Nevertheless, the said sector does not always exist, whilst when it exists, positive surplus labour is a nec-essary and sufficient condition for positive profits in this sector, pure and simple. Con-sequently, Marx’s theory of profits cannot be sustained.

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File URL: http://mpra.ub.uni-muenchen.de/24044/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24044.

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Date of creation: Jun 2006
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Publication status: Published in Asian-African Journal of Economics and Econometrics 1.6(2006): pp. 1-11
Handle: RePEc:pra:mprapa:24044

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Keywords: Marx’s theory of profits; surplus labour; uniform rate of profit; vertically integrated wage sector;

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References

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  1. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, Econometric Society, vol. 42(4), pages 611-32, July.
  2. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
  3. Bidard, Christian, 1997. "Pure Joint Production," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 21(6), pages 685-701, November.
  4. Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, Econometric Society, vol. 48(2), pages 505-30, March.
  5. Morishima, M, 1980. "Positive Profit without Exploitation: A Comment of F. Petri's Note," Econometrica, Econometric Society, Econometric Society, vol. 48(2), pages 535, March.
  6. Steedman, Ian, 1975. "Positive Profits with Negative Surplus Value," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 85(337), pages 114-23, March.
  7. Petri, Fabio, 1980. "Positive Profits without Exploitation: A Note on the Generalized Fundamental Marxian Theorem," Econometrica, Econometric Society, Econometric Society, vol. 48(2), pages 531-33, March.
  8. Steedman, Ian, 1976. "Positive Profits with Negative Surplus Value: A Reply," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 86(343), pages 604-08, September.
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Cited by:
  1. Mariolis, Theodore, 2006. "A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal," MPRA Paper 24019, University Library of Munich, Germany.

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