PROFIT MAXIMIZATION: ECONOMICS' ZOMBIE CONCEPT

Stephen Black

South African Journal of Economics, 1969, vol. 37, issue 3, 264-267

Abstract: In the March 1969 issue of this journal Professor Rädel asked the question “Profit Maximization—Can It Be Justified?”1 The professor would appear to answer his question in the affirmative although with some reservations. The statement “would appear” is necessary because Rädel's argument does not lead to any clear, unique, answer. Since the author believes that profit maximization cannot be justified a note on Rädel's article is in order. Not being able to provide an alternative theory the author will merely attempt to demonstrate that Rädel's arguments are not valid. This seems to be potentially fruitful as Rädel considers many of the more important justifications for profit maximization.

Date: 1969
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