Profit als Rente. Anmerkungen zu einer pro-kapitalistischen Entwicklungstheorie

Profit as rent: Some remarks about a pro-capitalist theory of development This study discusses several of the economic cornerstones of the contribution made by Hartmut Elsenhans to the so-called Global Keynesianism. Included are his unique definition of profits and rents; the thesis of net investments as a prerequisite to the acquisition of profits, including the systematic and historic background of this thesis; the exploitation of a simple neoclassical production function by ignoring conceptually ill-fitting consequences; the stabilization of investors’ expectations of rising mass consumption on the base of rising real income; the author's over- and under-interpretation of Ricardo’s theory on international trade based on comparative cost advantages; and the role of mass democracy in the acquisition and redistribution of rents to empower the underprivileged in negotiations with entrepreneurs.