By M. C. Howard, J. E. King
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Extra resources for A History of Marxian Economics, 1883-1929 (Volume I)
22. P. Angel, Eduard Bernstein et/'Evolution (hi Socialisme Allemand(Paris: Marcel Didier, 1961) pp. 154-5, 192-3, 207; R. Fletcher, Revisionism and Empire: Socialist Imperialism in Germany 1897-1914 (London: Allen & Unwin, 1984) pp. 8; 112. 23. C. Schmidt, Die Durchschnittsprofilrate auf Grundlage des Marx'schen Werthge- setzes (Stuttgart: Dietz, 1889). 24. Schmidt to Engels, 19 February 1888, dale indistinct, 18 June 1891, 25 October 1891, 25. Engels, Preface to Capital, volume III, p, 16; cf.
E. ultimately by the value of the commodities. ' In chapter 11, where under the title ' R a t e and M a s s of Surplus Value' M a r x tidies up a n u m b e r of loose ends, he shows how the mass of surplus value is given by the product of the rate of exploitation and the quantity of variable capital employed: 13 This law clearly contradicts all experience based on a p p e a r a n c e . Everyone knows that a cotton spinner, w h o , reckoning the percentage on the whole of his applied capital, employs much constant and little variable capital, does not, on account of this, pocket less profit or surplus value than a baker, w h o relatively sets in motion much variable and little constant capital.
Engels, 25 October 1891. Schmidt, Die Durchschnittsprofitrate, pp. 47-8. Ibid, pp. 49-50, Ibid, p. 51. Ibid, pp. 52-3. ); C. Schmidt, 'Die Durchschnittsprofitrate und das Marx'sche Wertgesetz', Die Neue Zeit, 11, 1892-3, pp. 68-75, 112-24. See L. von Bortkiewicz, 'On the Correction of Marx's Fundamental Theoretical Construction in the Third Volume of CupitaT in P. M. ) Karl Marx and the Close of His System (New York: Kelley, 1966) pp. 197-221 (first published 1907). G. C. Stiebeling, Das Werthgexet- und die Profitrate (New York: Heinrichs.
A History of Marxian Economics, 1883-1929 (Volume I) by M. C. Howard, J. E. King