Wages, competition and the surplus of labour: a classical contribution to explaining profit
重构了托伦斯关于收入分配的理论，提出一个单一商品经济模型，通过劳动市场竞争解释工资与利润分配，并引入剩余劳动概念定义利润，为理解资本主义经济中的利润提供了新视角。
This paper proposes a reconstruction of one of Torrens’ little-known pieces of work on the making and the distribution of income among the social classes. The framework assumes a single-good economy with fixed production coefficients. It differs from the contemporary Ricardian theory (i.e. Sraffa’s) in three ways: (i) the real wage is depicted as the economic outcome of competition in the labour market; (ii) the allocation of the net product between wages and profits is determined with no obligation to fix exogenous variables of distribution; and (iii) the model suggests an innovative concept of surplus labour to define profit apart from the labour theory of value. Finally, Torrens’ approach lays the foundations of an original conception of profit explained by a specific transaction of capitalism economy.