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Addendum to "Marx's Analysis of Ground-Rent : Theory, Examples and Applications"

Author

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  • Deepankar Basu

    (Department of Economics, University of Massachusetts - Amherst)

Abstract

In a recent paper, I had proposed an analytical framework to understand Marx’s theory of ground-rent. An important question had been left unaddressed in the paper : how are the price and output levels (of the agricultural commodity) determined in a way that can both take account of fluctuations in market demand and also embed profit-maximizing behavior of the capitalist-farmers? In this note, I offer a simple way to think about the determination of equilibrium levels of price and output for the agricultural commodity that makes explicit two important dimensions: (a) the role of aggregate demand for the agricultural commodity, and (b) profit maximizing behavior of the capitalist farmers.

Suggested Citation

  • Deepankar Basu, 2018. "Addendum to "Marx's Analysis of Ground-Rent : Theory, Examples and Applications"," UMASS Amherst Economics Working Papers 2018-09, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2018-09
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    File URL: http://www.umass.edu/economics/publications/2018-09.pdf
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    More about this item

    Keywords

    ground-rent; surplus value; Marx;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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