PROFIT AND SURPLUS LABOR: CONSIDERING THE EXISTENCE OF THE DURABLE EQUIPMENTS
1975 Volume 26 Issue 2 Pages 90-96
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1975 Volume 26 Issue 2 Pages 90-96
The theorem that the necessary and sufficient conditions for the profit rate to be positive in all sectors is the existence of surplus labor is one of Marxian fundamental theorems.
Morishima in his Marx's Economics says that the fundamental theorem may not be valid when durable equipments and different kinds of labor are taken into consideration. But the theorem still holds even if these two factors are brought into consideration.
It this paper we prove the validity of the theorem mathematically considering the existence of durable equipments.
We show the followings:
1) the determination of value.
2) the necessary conditions for profit to be positive.
3) the sufficient conditions for profit to be positive.
4) the uniqueness of the equal rate of profit.
