Dynamic Surplus Theory Assignment Help

Dynamic Surplus Theory Assignment Help Online

Dynamic Surplus Theory is associated with the economist J.B. Clark. He believed that profits always arise in a dynamic economy but not in a static one. In a static economy, things remain unchanged or do not change in a huge way. Capital and population remain the same, goods remain homogeneous, the production process does not change, factors of production do not show any movement as the marginal product stays the same. There is no risk or uncertainty. This is an important theory on which assignments are given to the students pursuing economics. At BookMyEssay we have best Australian writers professionals who offer excellent Dynamic Surplus Theory assignment help online. The dynamic surplus theory is based on the dynamic economy. A dynamic economy has the generic characteristics such as population increase, change as well as increase in consumer demands, production improvement techniques, increase in capital. Clark believed that the entrepreneurs who take advantage of the changes happening in the dynamic economy incur profit, addition to normal profit. The online tutors of BookMyEssay are available 24×7 to solve the queries related to the homework assignments and moreover, they can write assignments even on the most complicated topics. All the papers written by our writers are high-quality and well-researched and this is the reason why most students avail our Dynamic Surplus Theory assignment help.

Dynamic Surplus Theory

According to the Dynamic Surplus Theory propounded by J.B. Clark, only monopoly profits exist in a static society. The other profits get eliminated gradually due to competition. Dynamic society is always characterized by unpredictable and continuous changes for a product’s demand. The changes in demand take place because of the change in fashion, standards of living, population, income distribution, new inventions, technological advances, and international repercussions. An entrepreneur keeps his eye on the future demands for the products. If he can enhance his sales and lower the production cost by adopting an innovation, then he can definitely make profits.

Profits are the rewards of the progress. If an entrepreneur manufactures a new thing in a dynamic economy and thus creates demand, then he is sure to make huge profits. However, the profits cannot exist over a long time period. The other entrepreneurs adopt innovation to produce the same or similar type of products. As the total output increases, the profits reduce gradually. So, according to Clark, profit can be said to be an elusive amount that can be made but the entrepreneur cannot make it stay as it shall slip down. Profits in a dynamic theory stay for a little period of time and thereafter disappear completely. However, the generic changes occur frequently. The entrepreneur should capitalize on the profit and continue to make it apart from the normal profit. It can be said that this dynamic surplus theory is based on emergence, re-emergence, and disappearance of profits and it is a continuous process.

This theory has been criticized by many economists based on the following factors:

• This theory is unable to make the difference between foreseen and unforeseen changes.
• In this theory Profit and Wages of management are given artificial dichotomy.
• Critics hold the view that only the unpredictable changes give profits. Predictable changes do not cause a surplus.
• This theory states that frictional profit is there in a stationary state but the frictional profit concept is vague. Normal profit is earned in the stationary state.
• This theory does not state about any risk element. The elements of risk should be combined for knowing the actual nature of profit.

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