What is the Source of Profit and Interest? A Classical Conundrum Reconsidered
Classical political economy was underpinned by a shared view of the economy as a circular flow. This begged the question of how the value of produce can exceed the value of factor inputs: the ‘Profit Puzzle’. In this paper we advocate an understanding of the Profit Puzzle as a monetary paradox arising from Say’s Law. We trace how Classical, Keynesian and Neoclassical economists addressed the Puzzle. We suggest a solution based on the work of Bentham.
|Date of creation:||29 Jan 2010|
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- Hicks, John R [Sir], 1973. "Recollections and Documents," Economica, London School of Economics and Political Science, vol. 40(157), pages 2-11, February.