Simultaneous Valuation vs. the Exploitation Theory of Profit

Abstract

This paper shows that interpretations of Marx's value theory which value inputs and outputs simultaneously imply that surplus-labor is not the sole source of profit—even in the absence of joint production. Contrary results, such as the Fundamental Marxian Theorem, rely crucially on restrictive and implausible conditions that are shown to be unnecessary for reproduction. In contrast, the temporal single-system interpretation conforms to the exploitation theory of profit under completely general conditions.