By Thomas T. Sekine

Greater than 100 years after the dying of Karl Marx, his financial paintings is revived right here with analytical rigor. This two-volume research offers an up-to-date model of Marx's monetary conception in its complete scope, revealing the internal common sense of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.

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Com - licensed to Univ North Carolina-Greensboro - PalgraveConnect - 2013-10-10 Theory of Profit The Doctrine of Distribution This, however, is never the case in reality, even in the context of a purely capitalist society. Although, in the process of competition, all capitalists do endeavour to adopt the most profitable of all available techniques, they do not all necessarily end up employing a single technique in any industry. Thus, the same use-value will, in general, be produced with several alternative methods.

This illustrates the second law of average profit. So far it has been assumed that the methods of production (which define the technology in the narrower sense) are unchanged. Let ax (ay, az) = XJX (Xy/Y, XJZ) be the amount of the capital good required for the production per unit of the capital good (wage-good, luxury good). Similarly, let lx (ly, lt) = LJX (L/K, LJZ) be the number of hours of current labour required for the production per unit of the capital good (wage-good, luxury good). If none of these six technical parameters changes, we say that the methods of production remain unchanged.

That the demand for X, varies marginally but that for X2 does not change. Then in order to supply dXt, the two techniques must be combined with the supply elasticities 5j° = 1 and 8|2) = 1, so that the synthesised technique for the production of X, is (22, 8, 6) -» (33, 18*, 0). Here, X2 = 18* is evidently irrelevant since, by assumption, no change has occurred in the demand for X2. This synthesised technique, in other words, is valid in the neighbourhood of X, = 33 but not of X2 = 18*. e. that the demand for X, remains stationary but the demand for X2 varies marginally.

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