The views of Karl Marx as a partial and incomplete reflection of the David Ricardo's system

Petukhov V.A.1
1 Финансовый университет при Правительстве Российской Федерации

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Journal paper

Russian Journal of Entrepreneurship *
Volume 18, Number 6 (March 2017)
* Этот журнал не выпускается в Первом экономическом издательстве

Citation:

Petukhov, V. V. (2017). The views of Karl Marx as a partial and incomplete reflection of the David Ricardo's system. Russian Journal of Entrepreneurship, 18(6), 1083-1090. https://doi.org/10.18334/rp.18.6.37662

Abstract:
We showed that Marx's theory is essentially a very incomplete reflection of the West-Ricardo system, as Marx does not have an analysis of the reduction in profit rate that occurs due to the principle of diminishing returns. We also critically showed the general similarity between the two systems, such as, the point on the neutral role of a constant capital in profit formation. The article will be useful to experts of history of economic thought and current economic cycle.

Keywords: economic cycle, value, law of diminishing returns, wave-like movement of profit rate, role of constant capital, profit formation

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References:

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