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Huijun Feng - One of the best experts on this subject based on the ideXlab platform.
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Exergoeconomic performance optimization for a combined cooling, heating and power generation plant with an endoreversible closed Brayton cycle
Mathematical and Computer Modelling, 2011Co-Authors: Huijun FengAbstract:Abstract Finite time exergoeconomic performance of a combined cooling, heating and power generation (CCHP) plant composed of one endoreversible closed Brayton cycle and one endoreversible four-heat-reservoir absorption refrigeration cycle is investigated by using finite time thermodynamics. Heat conductance distribution among hot-, cold-, thermal consumer-, generator-, absorber-, condenser- and evaporator-side heat exchangers and compressor pressure ratio are optimized by taking the maximum Profit Rate as objective. Numerical examples show that there exists a sole group of optimal heat conductance distribution among hot-, cold-, thermal consumer-, generator-, absorber-, condenser- and evaporator-side heat exchangers and an optimal compressor pressure ratio which lead to the maximum Profit Rate. The effects of design parameters on the optimal performance of the CCHP plant are discussed.
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Exergoeconomic optimal performance of an irreversible closed Brayton cycle combined cooling, heating and power plant
Applied Mathematical Modelling, 2011Co-Authors: Huijun FengAbstract:A combined cooling, heating and power (CCHP) plant model composed of an irreversible closed Brayton cycle and an endoreversible four-heat-reservoir absorption refrigeration cycle is established by using finite time thermodynamics. The irreversibilities considered in the CCHP plant include heat-resistance losses in the hot-, cold-, thermal consumer-, generator-, absorber-, condenser- and evaporator-side heat exchangers as well as non-isentropic losses in the compression and expansion processes. Equations of exergy efficiency and Profit Rate of the CCHP plant are derived. Based on the finite time exergoeconomic analysis method, Profit Rate optimization is carried out by searching the optimal compressor pressure ratio and the optimal heat conductance distributions of the seven heat exchangers for a fixed total heat exchanger inventory and with the help of Powell arithmetic. The effects of some design parameters, including compressor and gas turbine efficiencies, ratio of heat demanded by the thermal consumer to power output, heat reservoir temperature ratios and price ratios on the optimal heat conductance distributions, optimal compressor pressure ratio, maximum Profit Rate and finite time exergoeconomic performance bound of the CCHP plant are discussed by numerical examples. The results obtained may provide some theoretical guidelines for the designs and operations of the practical CCHP plants.
Andrea Vaona - One of the best experts on this subject based on the ideXlab platform.
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Profit Rate dynamics income distribution structural and technical change in denmark finland and italy
Structural Change and Economic Dynamics, 2011Co-Authors: Andrea VaonaAbstract:Abstract Under less restrictive assumptions than in previous contributions, this paper highlights various patterns of Profit Rate dynamics that are common to the countries under scrutiny. Without a substantial re-distribution of income in favour of Profits, the Profit Rate declines. When labour productivity is weak the Profits/wages ratio declines leading to a decline in the Profit Rate, also due to capital deepening. Developments in the capital–labour ratio tend to increase the organic composition of capital while those in the ratio between the capital price deflator and the average wage tend to decrease it. Falls in the Profit Rate took place in countries with a weak technological change with episodes of Marxian bias. Employment shifted from low to high capital intensity sectors, from low to high organic composition industries and from low to high productivity sectors. Rising strength of labour and realization failures tend to have a greater role than rising organic composition in cyclical Profit Rate dynamics. Over the cycle, the first mechanism is also the first one to show up, while the others tend to follow it. Theoretical and policy implications are offered.
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Profit Rate dynamics income distribution structural and technical change in denmark finland and italy
Research Papers in Economics, 2010Co-Authors: Andrea VaonaAbstract:Under less restrictive assumptions than in previous contributions, this paper highlights various general patterns of Profit Rate dynamics. Without a substantial re-distribution of income in favour of Profits, the Profit Rate declines. When labour productivity is weak the Profits/wages ratio declines leading to a decline in the Profit Rate, also due to capital deepening. Developments in the capital-labour ratio tend to increase the organic composition of capital while those in the ratio between the capital price deflator and the average wage tend to decrease it. Falls in the Profit Rate took place in countries with a weak technological change with episodes of Marxian bias. Employment shifted from low to high capital intensity sectors, from low to high organic composition industries and from low to high productivity sectors. Rising strength of labour and realization failures tend to have a greater role than rising organic composition in cyclical Profit Rate dynamics. Over the cycle, the first mechanism is also the first one to show up, while the others tend to follow it.
Deepankar Basu - One of the best experts on this subject based on the ideXlab platform.
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Does the Steindl-Dutt Investment Function Rule Out Profit-Led Expansion?
2018Co-Authors: Deepankar BasuAbstract:Bhaduri and Marglin (1990) had argued that an investment function which has the Profit Rate and the capacity utilization Rates as the two determinants of investment imposes unwarranted restrictions on the macroeconomic model and rules out Profit-led expansion. In this paper, I show that this critique only holds in a closed economy model. In an open economy model, such an investment function does not rule out Profit-led expansion. I argue that the problem was less in the investment function itself than in the larger model within which it was embedded, in particular the saving behavior of the macroeconomy entailed by the model.
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is there a tendency for the Rate of Profit to fall econometric evidence for the u s economy 1948 2007
Review of Radical Political Economics, 2013Co-Authors: Deepankar Basu, Panayiotis T ManolakosAbstract:The law of the tendential fall in the Rate of Profit has been at the center of theoretical and empirical debates within Marxian political economy since the publication of volume III of Capital. An important limitation of this literature is the relative paucity of modern econometric investigations of the behavior of the Rate of Profit. The central objective of this paper is to remedy this lacuna. We investigate the properties of the Profit Rate series utilizing the methods of time series econometrics. The evidence suggests that the Rate of Profit is non-stationary. We also specify a test of Marx’s law of the tendential fall in the Rate of Profit with a novel econometric model that explicitly accounts for the counter-tendencies and their time series properties. We find weak evidence of a long-run downward trend in the general Profit Rate for the U.S. economy for the period 1948-2007.JEL Codes: B51, C22, E11.
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technology distribution and the Rate of Profit in the us economy understanding the current crisis
Cambridge Journal of Economics, 2013Co-Authors: Deepankar Basu, Ramaa VasudevanAbstract:This paper offers a synoptic account of the state of the debate within Marxist scholars regarding the current structural crisis of capitalism, identifies two broad streams within the literature dealing, in turn, with aggregate demand and Profitability problems, and proceeds to concentRate on an analysis of issues surrounding the Profitability problem in two steps. First, evidence on Profitability trends for the Nonfarm Nonfinancial CorpoRate Business, the Nonfinancial CorpoRate Business and the CorpoRate Business sectors in post-War U.S. are summarized. A broad range of Profit Rate measures are covered and data from both the U.S. Bureau of Economic Analysis (NIPA and Fixed Asset Tables) and the Federal Reserve (Flow of Funds Account) are used. Second, the underlying drivers of Profitability, in terms of technology and distribution, are investigated. The Profitability analysis is used to offer some hypotheses about the current structural crisis. JEL Categories: B51, E11
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technology distribution and the Rate of Profit in the us economy understanding the current crisis
Cambridge Journal of Economics, 2013Co-Authors: Deepankar Basu, Ramaa VasudevanAbstract:This paper offers a synoptic account of the state of the debate among Marxist scholars regarding the current structural crisis of capitalism, identifies two broad streams within the literature dealing, in turn, with aggregate demand and Profitability problems, and proceeds to concentRate on an analysis of issues surrounding the Profitability problem in two steps. First, evidence on Profitability trends for the non-farm non-financial corpoRate business, the non-financial corpoRate business and the corpoRate business sectors in post-war USA are summarised. A broad range of Profit Rate measures are covered and data from both the US Bureau of Economic Analysis (NIPA and Fixed Assets Tables) and the Federal Reserve (Flow of Funds Account) are used. Second, the underlying drivers of Profitability, in terms of technology and distribution, are investigated. The Profitability analysis is used to offer some hypotheses about the current structural crisis. Copyright , Oxford University Press.
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is there a tendency for the Rate of Profit to fall econometric evidence for the u s economy 1948 2007
Research Papers in Economics, 2010Co-Authors: Deepankar Basu, Panayiotis T ManolakosAbstract:The law of the tendential fall in the Rate of Profit has been at the center of theoretical and empirical debates within Marxian political economy ever since the publication of Volume III of Capital. An important limitation of this literature is the absence of a comprehensive econometric analysis of the behaviour of the Rate of Profit. In this paper, we attempt to fill this lacuna in two ways. First, we investigate the time series properties of the Profit Rate series. The evidence suggests that the Rate of Profit behaves like a random walk and exhibits "long waves" interestingly correlated with major epochs of U.S. economic history. In the second part, we test Marx's law of the tendential fall in the Rate of Profit with a novel econometric model that explicitly accounts for the counter-tendencies. We find evidence of a long-run downward trend in the general Profit Rate for the US economy for the period 1948-2007. JEL Categories: B51, C22, E11
Dominique Levy - One of the best experts on this subject based on the ideXlab platform.
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Unproductive labor as Profit Rate maximizing labor
Rethinking Marxism, 2011Co-Authors: Gérard Dumesnil, Dominique LevyAbstract:Too often, Marxist economists approach the notion of "unproductive labor" negatively. Unproductive labor within enterprises is, however, not useless. Its purpose is the maximization of the Profit Rate. In Marx's analysis of capital, the entire process is divided into the valorization of capital (the extraction of surplus value) and the circulation of capital. Unproductive labor does not create new value or surplus value, but contributes to the two aspects, increasing surplus value and accelerating the circulation of capital. Thus, the Profit Rate--the aim of capitalist production--is increased. In Capital, these tasks are introduced as performed by the capitalist, but Marx also explains that, within modern corporations, they are delegated to a salaried personnel: managerial and clerical (also commercial) personnel. As a result of the strong polarization in the division of labor between the two components, managerial and clerical, this analysis leads to a Marxian theory of managerial capitalism.
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manufacturing and global turbulence brenner s misinterpretation of Profit Rate differentials
Review of Radical Political Economics, 2002Co-Authors: Gerard Dumenil, Dominique LevyAbstract:Abstract Robert Brenner’s analysis of the structural crisis of the late 20th century, in his Economics of Global Turbulence, is based on the observation of the decline of the Profit Rate, as is common among Marxist economists. Instead of the usual reference to the features of technical change, Brenner explains the decline of the Profit Rate in the whole economy by its fall within manufacturing industries, resulting from excess international competition. Brenner’s basic insight is based on the observation that, after World War II, in the United States, the Profit Rate of manufacturing industries was larger than in other U.S. industries, and declined considerably more. This observation follows from a misinterpretation of Profit Rate differentials. Actually, the Profit Rate of manufacturing industries was not significantly different from that of most other industries, with the exception of a group of very capital intensive industries such as railroads, which accounts for only 13 percent of total output. This difference, which remains to be explained, has nothing to do with international competition.
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the Profit Rate where and how much did it fall did it recover usa 1948 2000
Review of Radical Political Economics, 2002Co-Authors: Gerard Dumenil, Dominique LevyAbstract:Resume La baisse du taux de Profit depuis la Seconde Guerre mondiale est maintenant un phenomene largement reconnu, et l’existence d’une nouvelle tendance a la hausse est desormais identifice. Cette etude propose de nouvelles estimations du taux de Profit dans une definition proche de celle utilisee par Marx au livre III du Capital, ou les Profits correspondent a la plus-value totale, et une definition plus proche de la pratique des entreprises, prenant en compte les interets, les impots et les stocks. On montre que les taux de Profit d’un sous-ensemble de branches (comme les Chemins de fer), dont le rapport capital-travail est particulierement eleve et qu’on nomme branches hautement capitalistiques, sont tout a fait differents de ceux des autres branches, tant en niveau qu’en tendance (leur taux de Profit est tres bas et n’a pas baisse). La baisse du taux de Profit et sa remontee partielle peuvent etre plus clairement saisies, lorsque ces branches sont eliminees. Au total, entre 1948 et 1982, le taux de Profit fut divise par un coefficient compris entre 2 et 7, selon les secteurs et les definitions du taux de Profit consideres. En 2000, le taux Profit n’a encore retrouve que la moitie de sa valeur de 1948. On montre enfin que la baisse de la productivite du capital fut le principal facteur de la chute du taux de Profit, bien que la baisse de la part des Profits ait egalement contribue a cette evolution.
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the economics of the Profit Rate competition crises and historical tendencies in capitalism
The Economic Journal, 1994Co-Authors: Gerard Dumenil, Dominique LevyAbstract:Part 1 The Profit Rate: the economics of the Profit Rate - a summary definitions and measures of the Profit Rate. Part 2 Competition and prices of production: prices of production long-term equilibrium in classical and Walrasian models the classical analysis of competition convergence? Part 3 General disequilibrium: a general disequilibrium model development of the basic model proportions and dimension in the short and long terms out of the mainstream. Part 4 Stability and business fluctuations: the real and monetary determinants of macro (in)stability the impact of the Profit Rate on the macroeconomy business fluctuations in other paradigms. Part 5 Technology and distribution - a historical perspective: the historical profile of the Profit Rate historical tendencies accumulation and growth Profitability trends. Part 6 History: Profitability and management a chronological overview the historical dynamics of capitalism.
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the economics of the Profit Rate
Books, 1993Co-Authors: Gerard Dumenil, Dominique LevyAbstract:The Economics of the Profit Rate presents a broad synthesis of recent work and builds on classical theory, using the tools of modern economics, to suggest alternative approaches to conventional microeconomics and macroeconomics. In sharp contrast to the general equilibrium theory, the emphasis is placed on dynamics and the reaction of individual agents to disequilibrium. This impressive book includes an assessment of the history of the US economy in which theoretical and empirical analyses are consistently combined.
Norihito Sakamoto - One of the best experts on this subject based on the ideXlab platform.
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Economic consequences of employment quota system for disabled people: Evidence from a regression discontinuity design in Japan
Journal of the Japanese and International Economies, 2018Co-Authors: Yuko Mori, Norihito SakamotoAbstract:Abstract This study examines the effect of Japanese employment quota system for disabled people on their employment. By using administrative data from Japan, we show that a levy-grant scheme increases the employment of disabled workers in Japan's manufacturing industry. In addition, we find that small-sized firms hire disabled workers when increasing firm size, although they are not obligated to pay levies. Finally, we use the number of disabled workers assigned by the quota system as an instrumental variable (IV) to evaluate the impact of disability employment on a firm's Profit Rate. The results of the fuzzy regression discontinuity design (RDD) suggest that an increase in the number of disabled workers does not necessarily decrease a firm's Profit Rate, which is in contrast to the results of the ordinary least squares (OLS) regression that suggest a negative relationship between the Profit Rate and disability employment.
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Economic Consequences of Employment Quota System for Disabled People: Evidence from a Regression Discontinuity Design in Japan
2014Co-Authors: Yuko Mori, Norihito SakamotoAbstract:This study examines the effect of Japanese employment quota system for disabled people on their employment. By using official data pertaining to Japan, we show that a levy-grant scheme increases the employment of disabled workers in Japan’s manufacturing industry. In addition, we find that small-sized firms hire disabled workers when increasing firm size, although they are not obligated to pay a levy. Finally, we use the increase in the number of disabled workers by the quota system as an instrumental variable (IV) to evaluate the impact of disability employment on a firm’s Profit Rate. The results of the fuzzy regression discontinuity design (RDD) suggest that an increase in the number of disabled workers does not necessarily decrease firms’ Profit Rates, which is in contrast to the results of the ordinary least squares (OLS) regression that suggest negative relationships between a firm’s Profit Rate and the number of disabled workers.
