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|
|Publication status:||Published in Asian-African Journal of Economics and Econometrics 1.6(2006): pp. 1-11|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
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.:
- Bidard, Christian, 1997. "Pure Joint Production," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 685-701, November.
- Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
- Kurz,Heinz D. & Salvadori,Neri, 1997.
"Theory of Production,"
Cambridge University Press, number 9780521588676.
- Kurz,Heinz D. & Salvadori,Neri, 1995. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521443258, February.
- 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.
- Petri, Fabio, 1980. "Positive Profits without Exploitation: A Note on the Generalized Fundamental Marxian Theorem," Econometrica, Econometric Society, vol. 48(2), pages 531-533, March.
- Morishima, M, 1980. "Positive Profit without Exploitation: A Comment of F. Petri's Note," Econometrica, Econometric Society, vol. 48(2), pages 535-535, March.
- Steedman, Ian, 1976. "Positive Profits with Negative Surplus Value: A Reply," Economic Journal, Royal Economic Society, vol. 86(343), pages 604-608, September.
- Steedman, Ian, 1975. "Positive Profits with Negative Surplus Value," Economic Journal, Royal Economic Society, vol. 85(337), pages 114-123, March.
- Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-530, March. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:24044. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.