Time-Invariant Markup
摘要
This chapter follows the classical economic framework, highlighting the causal relationship between a company’s cost structure and operating profits. Kalecki (1965, Ch. 1, “Cost and Prices”) is my principal theoretical inspiration. From this perspective, revenue (REVT) and operating profits (OIBDP), often referred to as the “profits of enterprise,” are fundamentally influenced by XOPR.