Full text: Policy Implications of Surplus Approach

• { In my own view the surplus arises from the fact that the 
> 
I possession of capital conveys advantages not open to those 
who do not own it: Technical advantages ( economies of scale 
possibility to engage in long term research and development, 
market advantages etc). And the larger the capital the 
greater these opportunities are. Joan Robinson spoke of the 
property qualification for entry into business. 
The dynamics of technological development increase these 
opportunities, but they are not absolutely necessary for it. 
I would not quite agree therefore with Schumpeter who said 
that in a stationary economy there would be no profit left. 
Capital earns thus a kind of differential rent. 
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