Review of Political Economy
Volume 17, Issue 2, Apr 2005
Pages 269-290
- DOI: 10.1080/09538250500067312
- Print ISSN: 0953-8259
- Online ISSN: 1465-3982
Marx's analysis of the falling rate of profit in the first version of Volume III of capital
Department of Economics and Economic History , Universitat Autonoma de Barcelona
Abstract
This paper provides an analysis of the Hodgskin section of Theories of Surplus Value and the general law section of the first version of Volume III of Capital. It then considers Part III of Volume III, the evolution of Marx's thought and various interpretations of his theory in the light of this analysis. It is suggested that, as late as the 1870s, Marx had hoped to be able to provide a demonstration that the rate of profit must fall. The main conclusions are that (1) Marx's major attempt to show that the rate of profit must fall occurred in the general law section, (2) Part III does not contain a demonstration that the rate of profit must fall and (3) Marx was never able to demonstrate that the rate of profit must fall and he was aware of this.
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Keywords
Subjects
Periods
- 1801-1870. Classical Political Economy and its Critics
- 1871-1914. Development of Major Contemporary Currents of Thought: Marginalism, Institutionalism, Historicism and Socialism