Social Sciences
4 years ago

Marx's Theory of Surplus Value Confirmed: Profits Equal Surplus Value on Average

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SSRN Electronic Journal
Profits Equal Surplus Value on Average and the Significance of This Result for the Marxian Theory of Accumulation
Bertram Schefold

Paper Summary

The article shows that profits equal surplus value on average when input matrices are random and the labor theory of value holds. Marx believed in this equality due to his philosophical beliefs. He also revisited his theory of the falling rate of profit based on this equality.

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