Capitalists as a Class Reduce Profits and Raise Wages
If capitalists did not exist, profits would equal 100% of sales revenue and an infinite percentage of zero capital invested. For proof, see my CAPITALISM: A TREATISE ON ECONOMICS, available in hardcover, 2-volume paperback, and Kindle editions at https://amzn.to/3kd4y39
Contrary to Adam Smith and Karl Marx, capitalists do not create the phenomenon of profit, which exists prior to their existence, but rather the phenomenon of PRODUCTIVE EXPENDITURE (i.e., expenditure for the purpose of making subsequent sales).
Productive expenditure consists of wage payments and expenditure for capital goods, both of which show up as costs of production that must be deducted from sales revenues and as capital invested in business assets.
The more economically capitalistic the economic system, i.e., the more the buying for the sake of selling relative to sales, the lower is profit both as a percentage of sales and as a percentage of capital invested, while the higher are wages.
Capitalists as a class do not create profits but wages. They increase wages both relative to sales revenues and profits and absolutely in terms of wage earners’ standard of living.
Again, for proof, read my CAPITALISM: A TREATISE ON ECONOMICS, available in hardcover, 2-volume paperback, and Kindle editions at https://amzn.to/3kd4y39
Source: http://georgereismansblog.blogspot.com/2020/11/capitalists-as-class-reduce-profits-and.html
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