Profits in the Modern Economy was first published in 1967. As the editors point out in their introduction to this volume, profit is a concept about which there is much misunderstanding. The man in the street, the businessman, and the economist all think of profit in different senses and for this reason experience difficulty in communicating with each other. Although the subject is of crucial importance in the modern economy, relatively little of a scholarly nature has been written about profits. The aim of this book is to provide a basis for a better understanding of the nature and role of profits in today’s economy. Among the nineteen contributors of papers or discussions are professors of economics or business administration at a number of universities, executives of several financial or industrial firms, and government officials. Their papers present various viewpoints on profit measurement, use, and significance. The book is divided into sections on “The Problem and Its Setting,” “Profits in the Economy,” “Profits in the Firm,” and “Profits and National Economic Policy,” with an introduction by the editors for each section. The material is based on the papers and discussion from the Conference on Understanding Profits sponsored jointly by the University of Minnesota Graduate School of Business Administration and Macalester College. Harvey M. Rice, former president of Macalester College, writes a foreword.
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