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

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  • Howard Petith

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.

Suggested Citation

  • Howard Petith, 2003. "Marx's Analysis of the Falling Rate of Profit in the First Version of Volume III of Capital," Working Papers 25, Barcelona School of Economics.
    • Handle: RePEc:bge:wpaper:25
    as

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    File URL: http://www.barcelonagse.eu/sites/default/files/working_paper_pdfs/25.pdf
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    References listed on IDEAS

    as
    1. C, R & K, G, 2002. "In this issue ..," The Electricity Journal, Elsevier, vol. 15(7), pages 2-2.
    2. Howard Petith, 2001. "A Descriptive and Analytic Look at Marxs Own Explanations for the Falling Rate of Profit (Long Version," UFAE and IAE Working Papers 485.01, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    3. C, R & K, G, 2002. "In this issue ..," The Electricity Journal, Elsevier, vol. 15(10), pages 2-2, December.
    4. Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 2(2), pages 233-251, June.
    5. Geert Reuten, 2002. "The Rate of Profit Cycle and the Opposition between Managerial and Finance Capital," Palgrave Macmillan Books, in: Martha Campbell & Geert Reuten (ed.), The Culmination of Capital, chapter 8, pages 174-211, Palgrave Macmillan.
    6. C, R & K, G, 2002. "In this issue..," The Electricity Journal, Elsevier, vol. 15(8), pages 2-2, October.
    7. C, R & K, G, 2002. "In this issue ..," The Electricity Journal, Elsevier, vol. 15(9), pages 2-2, November.
    8. C, R & K, G, 2002. "In this issue ..," The Electricity Journal, Elsevier, vol. 15(2), pages 2-2, March.
    9. C, R & K, G, 2002. "In this issue ..," The Electricity Journal, Elsevier, vol. 15(1), pages 2-2.
    10. Howard Petith, 2001. "A Descriptive and Analytic Look at Marxs Own Explanations for the Falling Rate of Profit," UFAE and IAE Working Papers 486.01, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    11. Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(1), pages 93-100, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Marx; falling rate; profit;
    All these keywords.

    JEL classification:

    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General

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