Please advise!
Non-economist. . .
Brian McKenna
In a message dated 11/2/05 11:07:06 AM Eastern Standard Time, [EMAIL PROTECTED] writes:
Michael Perelman wrote:
>I was thinking more in terms of Marx's understanding of merchant
capitalism as a system in which profits were made by arbitrage rather than
by improving methods of production.
^^^^^
CB: Is arbitrage buy cheap/sell dear ? If so , does your hypothesis suggest
that capitalists are tending to make profit from raising prices on consumers
more, and less in the way that Marx described the secret of surplus value .
That is , Marx argued profit is not made by gouging consumers in exchange (
money is not made in exchange) but exploiting wage-laborers in production by
not paying them for a portion of the workday . So a shift to profit made in
exchange , not as much in production, as Marx emphasized ?
