A Critical Note on Marx’s Theory of Profits
Theodore Mariolis ()
MPRA Paper from University Library of Munich, Germany
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.
Keywords: Marx’s theory of profits; surplus labour; uniform rate of profit; vertically integrated wage sector (search for similar items in EconPapers)
JEL-codes: B51 D46 D30 D57 E11 C67 L22 (search for similar items in EconPapers)
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Published in Asian-African Journal of Economics and Econometrics 1.6(2006): pp. 1-11
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Persistent link: http://EconPapers.repec.org/RePEc:pra:mprapa:24044
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