Sur deux principes de maximation du profit et quelques-unes de leurs implications

[eng] SUMMARY Pränt maximisât ion is tenu willi inauy meanings iiid the present article explores some implirations of two of these meanings maximisation of the present discounted value of expected future profits and maximisation ot the internal rate of retùm While in long -mn equilibriuiu the two prin ciples lead to the same result in disequilibrium they lead to different entre preneurial policies concerning current production investment and the repla cement of equipment and the policy of maximising the internal rate of return leads to more economical utilisation of capital Winch of the two maximisation principles is the more rational for the entrepreneur to follow depends on what factors limit the scale and rate of expansion of his operations The internal rate of return is the proper magnitude for him tu maximise if the availability of capital or borrowers or lenders risk is the limiting factor The welfare implications of the dioice of one or the other principle of profit maximisation constitute large subject of which only few selected aspects are discussed here Tentative conclusions are given concerning the influence of the maximising policy on a. the ratt of capital accumulation the allocation of investment funds among different industries and fields of activity and the degree of mechanisation of current investment