Karl Marx’s ”Capital” Vol. 3 (Part 2/10)
Theory & Philosophy
00:00
Mark's Acknowledgement of the Average Profit
In an industry that corresponds to the average composition, what we've agreed here, after we've done our averages, again, totally hypothetical. If an industry does that, what that means is that the price of their product is going to be equal to the value put into it. Whereas a lower composition would be a company in which only 70, hypothetically were less than the average spent on constant capital versus variable capital. So he's really showing us the abstract in order to help us understand the concrete. But how do we actually arrive at an average profit? And this is a bit of a mystery that runs throughout the course of this book.
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