Marx's Analysis of the Falling Rate of Profit on the First Version Of Volume III of Capital

Howard Petith ()

UFAE and IAE Working Papers from Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC)

Abstract: The paper provides a description and analysis of the Hodgskin section of Theories of Surplus Value and the general law section of the first version of Volume III of Capital. It then considers Part III of Volume III, the evolution of Marx's thought and various interpretations of his theory in the light of this analysis. It is suggested that Marx thought that the rate of profit must fall and even in the 1870s hoped to be able to provide a demonstration of this. However the main conclusions are: 1. Marx's major attempt to show that the rate of profit must fall occurred in the general law section. 2. Part III does not contain a demonstration that the rate of profit must fall. 3. Marx was never able to demonstrate that the rate of profit must fall and he was aware of this.

Keywords: Falling rate of profit; Marx; Natural resources (search for similar items in EconPapers)
JEL-codes: P10 Q10 (search for similar items in EconPapers)
Pages: 29
Date: 2003-09-27
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Persistent link: https://EconPapers.repec.org/RePEc:aub:autbar:594.03

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