Conclusions

In Chapter 2 we noted two problems traditionally associated with capital theory, the existence of profit in relation to accumulated capital and the process of accumulation itself. The analysis of Chapter 3 has dealt only with the association of capital and its return in terms of profit, not with explaining the existence of profit or the process of accumulation (thus the use of circulating capital models), problems now most often dealt with in the theory of growth (cf. [50]). The modern debates thus can be seen as emphasising the value aspect of capital theory.