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The concept of rate of turnover of the capital gives especially useful starting point forOur discussion, as changes in the ratio "a wage payment-price", Obviously, first of all influence the profit, received every time at To sale of the product made at given costs. While the prices remain High concerning costs, the difference between them will be a source Certain rate of return on the capital at its each turn-over, and any The rise in price for production concerning costs will allow businessmen To get accordingly higher profit in unit of time on available at Them the capital as they can turn is more often it.
In a condition of long-term balance assumed to a rise in price, when
The norm of return on the capital is identical to all firms, the relation between speed
Turn-over and relative profit for each turn-over very simple. To leave from Ambiguities of the term "profit", we will use further the following Terms:
1) Annual pure return (in percentage expression) on all capital of firm (or
On its any part for which the separate estimation), behind a deduction is required to us
"Payments for management" and awards for risk, we will designate as "internal norm
Returns "(internal rate of return). but I cannot recollect, XLIX (May, 478 ff. Its German equivalent (more exact -
"innerer Zinssatz") has been entered earlier as it seems to me, 1935), when., in discussion about
Credit rationing consequences, Quarterly Journal of
Economics, whom or The Term" internal norm of return "is taken from
K.E.Bouldinga's works "The Theory of a Single Investment" In Condition of long-term balance which we have just mentioned, Internal norms of return will be identical to all firms and for any part The capital of each firm.
2) Relative profit on each sale and, hence, from each Capital turn-over (in percentage expression) we will designate as "factor
Profitableness "(profit margin). If we recollect that rate of turnover expresses
Number of times, in which total amount of sales (or, without delay, production costs,
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