A Critical Note on Marx’s Theory of Profits
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.
|Date of creation:||Jun 2006|
|Date of revision:|
|Publication status:||Published in Asian-African Journal of Economics and Econometrics 1.6(2006): pp. 1-11|
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