Interest and Profit

@inproceedings{Smithin2012InterestAP,
  title={Interest and Profit},
  author={John Smithin},
  year={2012}
}
This paper argues that it important to distinguish between the real rate of interest on money and the profitability of business enterprise. The former is a purely financial or monetary phenomenon (as claimed by Keynes) and the latter is in the nature of a surplus over and above the costs of production, including financing costs. There is an inverse relationship between the real rate of interest on money and the average mark-up or profit share. A synthetic theory of profit illustrates these… 

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