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A Division Among Theorists in Their Analysis of Profits

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  • C. J. Foreman

Abstract

The classical economists regarded minimum profits as an element in cost of production, 115. — Walker's rent theory, 118. — Similar views by other Americans, 119. — By Europeans, 121. — Profits regarded as wages of labor by still others, 123. — Distinction needed between earned efficiency profits and unearned scarcity profits, 127. — Efficiency profits recognized by the law, 128. — Patents, trade secrets, invention, 129. — Judgment and risk-taking, 133. — Surplus or scarcity profits differ from efficiency profits, 134. — Are not an element of cost, 135. — Defects of the labor theory, 136.

Suggested Citation

  • C. J. Foreman, 1919. "A Division Among Theorists in Their Analysis of Profits," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 34(1), pages 114-137.
    • Handle: RePEc:oup:qjecon:v:34:y:1919:i:1:p:114-137.
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