关键词: 社会必要劳动时间 , 超额利润 , 竞争 , 危机与创新

Abstract: This essay discusses, in some detail, a series of Karl Mar'xs statements about innovation in his anti-capitalist work On Capital. It starts by elaborating on the view that the use of socially rather than individually necessary labor time as the criterion of a transaction inspires the innovation whereby to raise production efficiency and shorten individual labor time. Then, it moves on to Marx's statement about super profits spurred by innovation, and about further innovations escalated by such “arms races” to be creatively new. The third statement this essay discusses is that the average profits, formed by competition among those engaged in the same trade, allow the allotment of social resources to favor innovation. Last comes the discussion on elimination, merger and reorganization as a driver for innovation, peculiar to an economic downturn period, under the condition of market economy. The author of this essay holds that the crucial transformation of the Chinese economy from big to truly strong can only be achieved through innovation. What can also be found in this essay is a contextually suitable proposal on how to further activate the market mechanism and strengthen institutional arrangements for innovation in the light of national conditions and practice.

Key words: socially necessary labor time , super profits , competition , crisis and innovation