Profit for Marxists
AbstractMarxian economics and standard economics are widely different yet they share a central weakness: the respective profit theories are demonstrably false – each one in its own characteristic way. Roughly speaking, Marx tried to explain profit by objective factors while standard economics cites subjective factors. For different reasons, neither route led to satisfactory results. The conclusion is straightforward: one has to do better. The conceptual consequence is to first reconstruct the profit theory from a solid basis with no regard to either Marxian or standard premises. In order to succeed, objective-structural axioms have to be taken as formal point of departure.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 54800.
Date of creation: 26 Mar 2014
Date of revision:
new framework of concepts; structure-centric; axiom set; profit theory; surplus value; distribution; real shares;
Find related papers by JEL classification:
- B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-03-30 (All new papers)
- NEP-HME-2014-03-30 (Heterodox Microeconomics)
- NEP-HPE-2014-03-30 (History & Philosophy of Economics)
- NEP-MAC-2014-03-30 (Macroeconomics)
- NEP-PKE-2014-03-30 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Keen, Steve, 2010.
"Solving the paradox of monetary profits,"
Economics Discussion Papers
2010-2, Kiel Institute for the World Economy.
- Keen, Steve, 2010. "Solving the paradox of monetary profits," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(31), pages 1-32.
- Steve Keen, 2011. "Debunking Macroeconomics," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 147-168, December.
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