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Profit for Marxists

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  • Kakarot-Handtke, Egmont

Abstract

Marxian economics and standard economics are widely different yet they share a central weakness: the respective profit theories are demonstrably false – each one in its own characteristic way. Roughly speaking, Marx tried to explain profit by objective factors while standard economics cites subjective factors. For different reasons, neither route led to satisfactory results. The conclusion is straightforward: one has to do better. The conceptual consequence is to first reconstruct the profit theory from a solid basis with no regard to either Marxian or standard premises. In order to succeed, objective-structural axioms have to be taken as formal point of departure.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "Profit for Marxists," MPRA Paper 54800, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:54800
    as

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    References listed on IDEAS

    as
    1. Keen, Steve, 2010. "Solving the paradox of monetary profits," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 4, pages 1-32.
    2. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2013. "Understanding Profit and the Markets: The Canonical Model," MPRA Paper 48691, University Library of Munich, Germany.
    4. Anatol Murad, 1953. "Questions for Profit Theory," American Journal of Economics and Sociology, Wiley Blackwell, vol. 13(1), pages 1-14, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; profit theory; surplus value; distribution; real shares;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

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