**[7/2/20] Paraphrase** of [CWL 21, 78]: the aggregate (basic) price spread is a function of **purely objective factors**:

*P’/p’ = a’ + a”(p”Q”/p’Q’) *the basic price-spread ratio* *(CWL 15, 158)

of the **objective** acceleration factors, a’ and a”; of the **objective rate** of secondary costs, p”q”; and of the **objective rate** of primary costs p’q’.. The greater p”q” and the lower p’Q’, then the greater the price spread; …Obviously there is no necessary correspondence between this law and either the classical view that profits are due to intelligence, enterprise, and risk, or the **Marxian **view that profits are due to reckless exploitation of labor. … the primary price spread will increase no matter how benevolent and stupid the entrepreneurs may be: indeed it will increase even in Bolshevist Russia, where to avoid constant inflation the state must take the surplus which it denounces capitalists for taking. On the other hand, given a decrease in secondary costs with no corresponding decrease in primary sales, the (basic) price spread is bound to contract, no matter how … clever and enterprising the entrepreneurs may be; it contracts even in the lands of most rugged individualism. [#87] **(Click ****here**** for previous “Single Paragraphs” or “Brief Items”)**

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