[Marxism] Smith and Ricardo on profity

Michael Perelman 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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Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu

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