Search Results for production with a surplus

... : 438 -48. The Role of Joint Products in Adam Smith’s Explanation of the “Vent-for-Surplus” Doctrine Bruce T. Elmslie Introduction Professor Heinz D. Kurz (1992) recently uncovered an interesting and innovative explanation concerning Adam Smith’s development of the so-called vent...

...) is the total quantity of the wheat harvest. Net output (N) is total output less the means of production used up in the process of production (C), that is, less the seed sown. And the productive surplus (S) is net output less the workers’ wages (V).3All these magnitudes are mea...

...Reinhard Schumacher Hla Myint interpreted Adam Smith's “two distinct benefits” from foreign trade as a vent-for-surplus gain and a productivity gain. This classification has been adopted widely, but the vent-for-surplus gain has caused some debates. In this article, I show that Myint's...

... labor values. Marx’s historical account, in contrast, investigates developments in the capacity of capitalists to extract surplus value on the basis of temporally given conditions of production and exchange, without positing any particular relationship between com- modity prices and values...

...Terry Peach This article questions the widely held opinion that Adam Smith confined his use of a labor theory of exchangeable value to an “early and rude state of society” in which independent laborers exchange the surplus products of their labor. It is argued that Smith did not explicitly disavow...

... a sector which tends to be equalized in the general rate. 19. In Theories of surplus-value Marx employs the term “cost-price” to refer to what he calls “price of production” in Capital. 20. Had Marx followed a historical method of formation of economic categories, this passage would have...

... at the margin, so no rent is paid to land at the mar- gin. There is, however, a value ‘surplus’ associated with pre-marginal applications of non-land factors, and as there can be only one com- petitively determined rate of profit, this surplus goes as rent to the fixed factor of production, land...

... to extend existing factories and establish new ones, thereby expanding their productive ca- pacity and increasing the labour force at their command. Marx calls this conversion of part of surplus value into capital the accumulation of capital. The further capitalist development progresses...

... product could only be revealed through an analysis of the process of prod~ction.~As a consequence, he was able to expose a socially based division between payments to labour and surplus value which necessarily involved the exploitation of workers. This explanation of distribution was able...

... sys- tem, which explains exchange in terms of distribution, and distri- bution itself in terms of productivity and conditions of production 3. Alfred0 Medio, “Profits and Surplus-Value: Appearance and Reality in Capitalist Production,” in E. K. Hunt and J. G. Schwartz...

... consistent and useful in understanding accumulation. Murx’s Dejnition of Productive und Unproductir~u Labour Marx’s general definition of productive labour is attested to by many passages in Cupitul and Theories of surplus-value-for instance...

..., that is, of the approach where net product or surplus product is regarded as the difference between an amount of goods advanced (and consumed) in production and a larger amount of goods produced. Porta’s view is encapsulated in his remark (1986, 444 n4) that Sraffa’s Appendix D is “the analogue of Marx’s so...

.... The rate of profit, thus, cannot exceed the inverse of the organic composition of production. Moreover, as the introduction of new techniques increases C, it lowers the upper limit of T. Okishio summarizes the Marxian argument: “Therefore, however high the rate of surplus value may become...

... in the Tableau Economique, where the social output includes its means of production and a surplus, the only way in which accumulation can take place is through the reinvestment of part of the net product. Therefore in Quesnay ’s analysis of the dynamic process of development, profits are part...

... surplus value; that the sum of all prices would also equal the sum of labour values; and that there was an unambiguous increasing rela- tion between the size of an industry’s organic composition of capital and the difference (negative, zero, or positive) between its price of production and its...

... 1972 . ‘Profits and surplus value: appearance and reality in capitalist production.’ In E. K. Hunt and J. G. Schwartz, eds., A critique of economic theory (Harmondsworth), 312 -46. Meek , Ronald L. 1956 . ‘Some notes on the transformation problem.’ Economic Journal 66 : 94 -107...

...- ened and working time thus increases relatively. This increases the ve- locity of capital turnover. Production costs decline and the amount of surplus value increases. This change in the structure of production causes the rate of profit to rise. With the increase of social demand during...

... to the departments, ci is the constant capital engaged in each sector, vi is the variable capital constituting the wage bill, mi is surplus value,s so that wi is the value of each department’s product. Intersectoral aggregates are designated by corresponding upper-case let- ters, e.g. C = c, + c...

... the value of the surplus in its trading partner is not discussed. A related problem is, however, briefly treated. Suppose that, although the value of the surpluses are the same, one country’s home demand for the other’s product is less than the amount of surplus the other country can...

... of prices. Marx himself computed the rate of profit as the aggregate surplus value divided by the aggregate of constant and variable capital advanced. He then applied this rate not to values, but to prices of production which purported to be values transformed so as to equalize the rate...