Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/242530 
Authors: 
Year of Publication: 
2014
Series/Report no.: 
Economics Working Paper Series No. 2014/07
Publisher: 
Auckland University of Technology (AUT), Faculty of Business, Economics and Law, Auckland
Abstract: 
The Global Financial Crises has motivated some to rethink the dominance of global capitalism. This has revived an interest in Marxist doctrine and in particular its examination of the notion of exploitation. Marx's theory of value is central to his examination of exploitation. This paper will show that both these posits of Marx are in error. Further, it will show that Marx draws heavily on Smith's idea of the primacy of wages. However, this paper will demonstrate that profit, and not wages, are the original source of income. This paper reaffirms the importance of profits and the ability of entrepreneurs and capitalists to pursue them.
Subjects: 
Adam Smith
Karl Marx
Profit
Exploitation
Labour Theory of Value
Classical Economics
Document Type: 
Working Paper

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