25 Pages Posted: 25 Mar 2014 Last revised: 26 Mar 2014
Date Written: March 25, 2014
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.
Keywords: new framework of concepts, structure-centric, axiom set, proﬁt theory, surplus value, distribution, real shares
JEL Classification: B59, E11, E25
Suggested Citation: Suggested Citation