Micro-Founded Institutions and Macro-Founded Individuals: The Dual Nature of Profit

Alberto Battistini ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: Starting from the observation that surplus-value is almost always due to the collective undertaking of non additively separable human capital investments, this paper introduces a theory of the institutional structure of production where groups are taken as units of analysis in a multi-level competition framework inspired by Marx’s critique of the ‘abstract man’. The main result is that monopoly profit is not the only meaningful notion of profit besides the value of individual contribution and, as a consequence, freeentry and competition do not necessarily wipe it out

Keywords: value; power; conflict; competition; social classes (search for similar items in EconPapers)
JEL-codes: A12 D20 D33 D74 J21 J64 L22 (search for similar items in EconPapers)
Date: 2008-12
New Economics Papers: this item is included in nep-hpe and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:550

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