Published Saturday, May 31, 2008 by Louis M. Spadaro
If the part played by profits in the economy is found to be misrepresented for purposes of analytical tidiness, the need for correction is all the more urgent in an age of increasing recourse to government action. Inasmuch as realism in our economics points to the same need, it would be unwise to cling to any theory — no matter what its other attributes — which sacrifices this need for reasons of arbitrary neatness; more, it would be scientifically indefensible.
(Original Text)
The Present State of Profit Theory: Asset or Liability? (7.76 MB)