If Profit Is the Answer, What Should Be the Question? Income from Capital and the Labour Theory of Value

Michal Polák

Chapter 5 in Class, Surplus, and the Division of Labour, 2013, pp 113-139 from Palgrave Macmillan

Abstract: Abstract Exploitation is an uncomfortable idea, and it is unsurprising that many people would prefer not to think or talk about it. In this chapter, I will attempt to show that no alternative explanation of profit to the one provided by the Labour Theory of Value — or, in other words, no explanation which attempts to avoid this unpalatable idea of exploitation — is in fact adequate. Chapter 6 will then be devoted to the Marxian theory of prices, the Sraffian critique of it and the precise relation between the Marxian and the Sraffian approaches to the economy.

Keywords: Marginal Product; Disposable Income; Capital Good; Class Income; Market Interest Rate (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-28773-1_5

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DOI: 10.1057/9781137287731_5

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