Re: [Marxism] Smith and Ricardo on profity

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

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?
> ________________________________________________
> YOU MUST clip all extraneous text before replying to a message.
> Send list submissions to: Marxism@xxxxxxxxxxxxxxxxxxx
> Set your options at: http://lists.econ.utah.edu/mailman/listinfo/marxism

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

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

________________________________________________
YOU MUST clip all extraneous text before replying to a message.
Send list submissions to: Marxism@xxxxxxxxxxxxxxxxxxx
Set your options at: http://lists.econ.utah.edu/mailman/listinfo/marxism