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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- Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-32, July.
- Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-30, March.
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- 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.
- Bidard, Christian, 1997. "Pure Joint Production," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 685-701, November.
- Steedman, Ian, 1975. "Positive Profits with Negative Surplus Value," Economic Journal, Royal Economic Society, vol. 85(337), pages 114-23, March.
- Petri, Fabio, 1980. "Positive Profits without Exploitation: A Note on the Generalized Fundamental Marxian Theorem," Econometrica, Econometric Society, vol. 48(2), pages 531-33, March.
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