Marx’s Economic Manuscripts of 1861-63

Capital and Profit

### 4) The Same Surplus Value may be expressed in very different Rates of Profit; the Same Rate of Profit may express very Different Surplus Values

##### Volume 33, *MECW*, p. 77

Thus, if the surplus value is converted into profit, i.e., considered numerically, if the surplus value is calculated in proportion to the total amount of capital advanced, the following propositions a re a further consequence of this different presentation:

An *equal *profit may express different rates of surplus value. Take for example a profit of 10%. If the capital is 600, with constant capital 500 and variable 100, 60 thalers of surplus value amount to 60%, at the same time 10%, on a capital of 600. If the capital of 600 consists of 400 thalers of constant capital and 200 thalers of variable, 60 on 200 thalers amounts to a surplus value of 30%. The profit continues to be 10%. Finally, if the capital of 600 consists of 550 constant and 50 thalers of variable capital, 60 on 50 would amount to 120% surplus value (50:60=100:120) but profit would continue to be 10%.