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Written in 1896 for a series of independent Essays on Political Science, Böhm-Bawerk's work has held up as a classic criticism of Marxist economic theory. In Capital Vol I., Marx explained the profits of capital as resulting from surplus value. He left open the problem of explaining how capitalists with differing ratios of labor to machinery can have similar profits, a contradiction to be resolved in further works. Marx, in Capital Vol III, takes up the matter again, but according to Böhm-Bawerk's essay, does not resolve the issue logically. He concludes with a critique of his contemporary, Werner Sombart's interpretation of Marx in Sombart's essay, "Zur Kritik des ökonomischen Systems von Karl Marx".
Written: 1896
Published: London, T.F. Unwin, 1898.
Translated:Alice M. Macdonald
HTML Markup: Sally Ryan in 2000.
Chapter 1 The Theory of Value and Surplus value
Chapter II The Theory of the Average Rate of Profit and of the Price of Production
Chapter III The Question of the Contradiction
Chapter IV The Error in the Marxian System - It's Origin and Ramifications
Chapter V Werner Sombart's Apology
Last updated on 11 September 2023