[Marxism] Smith and Ricardo on profity
michael at ecst.csuchico.edu
Sat Apr 29 18:21:43 MDT 2006
very briefly -- Smith had various theories. 1) profit was a special type of wages for those
who superintend other workers and 2) profits exist as capital competes among itself for
profits -- over time competition will drive profits down.
Ricardo -- wages are determined by the level of subsistence; profits are what is left over
after rent is paid. Ronald Meek taught that Marx was a hop, skip, & jump from Ricardo.
On Sat, Apr 29, 2006 at 07:57:05PM -0400, George Snedeker wrote:
> Can anyone provide a brief statement as to how Smith and Ricardo explained profit without the theory of surplis value?
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