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“Extra Profit” Concept a Part of Marxist Economic Theory, Says Economics Prof

The government is trying to put out a fire and is only thinking short term, presumably on a trial and error basis, László Csaba, professor of economics at Central European University (CEU), told regarding the newly-announced special taxes on companies in certain sectors that are making “extra profit.”

The economist said it was remarkable that four-fifths of the annual budget deficit had been reached just in the first month of the year. He also felt that so-called “prestige” projects like Fudan University, the Budapest-Belgrade railway line, and Paks 2 should be put off.

László Csaba pointed out that gas and oil company MOL Zrt. had certainly made “extra profit,” as the company is suspected of being able to purchase Russian oil at a discount of up to 20-30%. As such, it would be taxed in most other countries.

The current measures can be called “budgetary discipline,” said the economic professor, but this means the same thing as “austerity.”

Csaba also noted that the concept “extra profit” is a part of Marxist economic theory. [HVG]

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  1. Misi bacsi

    The regime concept of confiscating “extra profit” may be a part of “Marxist economic theory” as Professor Csaba commented, albeit I am a bit rusty on my Marx, Lenin and Stalin, so I defer to the professor. Nevertheless, the concept of confiscating “extra profit” is also consistent with some fascist thinkers, especially some of the corporatist types. What is absolutely clear as Professor Csaba made clear with the example of the regime/state owned MOL Zrt. is that this regime will go after “extra profit” made by non regime actors. Moreover, in another story today, the Hungarian State Secretary took great offense at the sarcastic suggestion by Ukraine of damaging the oil pipeline to Hungary. In other words, mafia shakedowns by the Orban regime are considered legitimate by this regime, but a sarcastic comment “threatening” the regime’s access to Putin’s oil is considered way out of line!

  2. Steven

    Can you imagine if Biden or other Democrats proposed taxing “extra profit?” I wonder what Fox News would have to say about that…

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