Profits in Economic Theory by Michael Howard (auth.)

By Michael Howard (auth.)

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By Michael Howard (auth.)

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This description is misleading in that the procedure described converts items of fixed capital into items of circulating capital producing joint products. Sraffa attributes the origin of this conceptualisation to Torrens, but it is usually associated with von Neumann. In the case of joint-production systems, they may not be determined uniquely. Corresponding to a given wage, there may be more than one rate of profit and set of relative prices. 62). Sraffa (1960, pp. 5, 7,44,63,77,78). See, for example, Sraffa (1960, pp.

19 After Marx The section above on other transformation procedures represents in a condensed form the major developments in Marxian profit theory. There have been extensions of Marxian economics beyond those considered, but none of these relates to the pure theory of profit in a closed capitalist economy, and so all of them are therefore of secondary relevance. The Marxian theory of profit has obvious emotive connotations, and Marxism has become the theory associated with many working-class political parties.

This chapter provides a thumbnail sketch of the Production of Commodities by Means of Commodities. In Chapters 6 and 7 the critique of preceding surplus theory, which is embedded in the work, will be spelt out. The defects wh ich it simultaneously exposes in supply and demand theories is the topic of Chapter 14. The Problems Considered Sraffa's primary concern is to examine the relationships that exist between the rate of profit, technology, relative prices and wages in particular types of economic systems which are in equilibria exhibiting the uniformity principle.

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