The pursuit of profit by business motivates the capitalist economic system. Understanding profits, therefore, especially the source of profits, is essential to an understanding of capitalism. Mark Obrinsky claims that there has never been an adequate profit theory in mainstream economics. To find the source of profits, he argues, one needs to look beyond ownership of the productive factors of land, labor, and capital.
Profit Theory and Capitalism makes a sharply reasoned and accessible contribution to critical theory, the history of economic thought, and post-Keynesian theory. Its insights will be of value to all students and theorists working in the area of income distribution.
Mark Obrinsky is Senior Vice President for Research and Chief Economist at the National Multifamily Housing Council. He was formerly Director of Regulatory Policy at Fannie Mae and has taught economics at the University of Delaware and Bradley University.
"A succinct enquiry into the elusive origin of profits and of profit theory. The book is well written and the tale entertaining."—History of Political Economy