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Abstract:We showed that Marx's theory is essentially a very incomplete reflection of the West-Ricardo system, as Marx does not have an analysis of the reduction in profit rate that occurs due to the principle of diminishing returns. We also critically showed the general similarity between the two systems, such as, the point on the neutral role of a constant capital in profit formation. The article will be useful to experts of history of economic thought and current economic cycle.
Keywords:economic cycle, law of diminishing returns, profit formation, role of constant capital, value, wave-like movement of profit rate
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