The Experts below are selected from a list of 59175 Experts worldwide ranked by ideXlab platform
G A T M Reuten - One of the best experts on this subject based on the ideXlab platform.
-
from the fall of the Rate of profit in the grundrisse to the cyclical development of the profit Rate in capital
Science & Society, 2011Co-Authors: G A T M Reuten, Peter D ThomasAbstract:Marx’ s views on the “law” or “tendency” of the Rate of profit to fall developed throughout his life from a law about the historical destination of the capitalist system as tending towards breakdown (the Grundrisse text of 1857-58), into a theory about the functioning of the capitalist mode of production as a (potentially) reproductive system (the 1864-65 manuscript of Capital III). The first view is compatible with a “naturalistic” and teleological philosophy of history; it presupposes a unilinear conception of time and implicitly posits a diachronic “exhaustion” of an originary Rate of profit. The second view opens the way towards a type of “conjunctural analysis”, founded upon a cyclical notion of time as a synchronic intensification of contradictory articulations in a synchronically given system.
-
zirkel vicieux or trend fall the course of the profit Rate in marx s capital iii
History of Political Economy, 2004Co-Authors: G A T M ReutenAbstract:Karl Marx’s theory of “the tendency of the Rate of profit to fall” is one of the most controversial parts of his scientific oeuvre. The theory was published in 1894 as part 3 of Volume III of Das Kapital. There are two conflicting interpretations of this theory. The first says that the profit Rate will vary (cyclically) around a falling trend; the second, that the profit Rate will vary cyclically but not necessarily around a falling trend. Both interpretations may be combined with methodological qualifications as set out in the present article. The two interpretations are relevant since at issue is Marx’s general outlook on the dynamics of the capitalist system. It makes quite a difference whether the capitalist system is regarded as self-dissolving—which is the implication of the trend fall in the Rate of profit—or as, in principle, a reproductive system, which the cyclical view implies.1
-
the Rate of profit cycle and the opposition between managerial and finance capital a discussion of capital iii parts three to five
The Culmination of Capital; Essays on Volume III of Marx's 'Capital', 2002Co-Authors: G A T M ReutenAbstract:The third volume of Karl Marx’s Das Kapital (1894) was edited by Friedrich Engels from Marx’s manuscripts dating from 1863–7. In the third part of the book Marx sets out his views on ‘The law of the tendency of the Rate of profit to fall’. In Marx’s day it was taken for granted amongst economists that there is such a law, both on empirical and theoretical grounds. Jevons (1871), for example, writes: ‘There are sufficient statistical facts, too, to confirm this conclusion historically. The only question that can arise is as to the actual cause of this tendency’ (243–4). In Marx’s hands, however, the law gets reshaped into what is more properly a ‘theory of the Rate of profit cycle’. In the first section of this chapter it is argued - based on Marx’s manuscripts - that to speak of Marx’s ‘law of the tendency of the Rate of profit to fall’ is misleading, and it is shown why this interpretation more likely expresses Engels’s view on the matter.
-
book review value form and the state the tendencies of accumulation and the determination of economic policy in capitalist society
1992Co-Authors: G A T M Reuten, Michael WilliamsAbstract:Part I: Method and Introduction Part II: The Value-Form and its Reproduction 1. The Value-Form 2. The Extended Reproduction of Capital Part III: Tendencies of Accumulation 3. Accumulation and Over-Accumulation of Capital: Labour Shortagge and Under-Consumption 4. Accumulation and the Tendency for the Rate of Profit to Fall 5. The Tendencies of Accumulation and Inflation Part IV: Value-Form, The State and Civil Society 7. State Form and Economic Policy 8. The Concrete Existence of the State as Many States 9. The State, Civil Society and Economic Policy: The Tensions of the Mixed Economy Part V: The Intra-Epochal Development of Economic Policy 10. The State as Social Subject and Economic Policy Stances 11. Micro-Economic Policy: Towards an Empirical Account 12. Micro-Economic Policy in the UK 1964-1970: A Value-Form Theoretic Assessment.
Lefteris Tsoulfidis - One of the best experts on this subject based on the ideXlab platform.
-
capital intensity unproductive activities and the great recession in the us economy
Cambridge Journal of Economics, 2019Co-Authors: Lefteris Tsoulfidis, Dimitris PaitaridisAbstract:The purpose of this article is to show that the ‘great recession’ of 2007 in the USA is of the classical type with basic features the rising value composition of capital which more than fully offset the rising Rate of surplus value giving rise to a falling Rate of profit. The tendential fall of the latter, from a point onwards, led to a stagnant mass of real net profits, thereby decreased net investment and eventually impacted on employment. The evolution of capital intensity and the consequences of unproductive activities remain key issues in the discussions of capital accumulation and its periodic ruptures
-
growth accounting of the value composition of capital and the Rate of profit in the u s economy a note stimulated by zarembka s findings
Review of Radical Political Economics, 2017Co-Authors: Lefteris TsoulfidisAbstract:The purpose of this article is twofold. On the one hand, to present a growth account of the evolution of the value composition of capital and in so doing to deal with some of the issues raised by Zarembka’s (2015) contribution. And on the other hand, to review some crucial relations between the variables that relate to the movement of the Rate of profit and the current predicament.
-
growth accounting of the value composition of capital and the Rate of profit in the u s economy a note stimulated by zarembka s findings
Review of Radical Political Economics, 2017Co-Authors: Lefteris TsoulfidisAbstract:The purpose of this article is twofold. On the one hand, to present a growth account of the evolution of the value composition of capital and in so doing to deal with some of the issues raised by Z...
-
the growth of unproductive activities the Rate of profit and the phase change of the u s economy
Review of Radical Political Economics, 2012Co-Authors: Dimitris Paitaridis, Lefteris TsoulfidisAbstract:This paper by using the categories of productive and unproductive labor and by extending and further elaborating the data series utilized in Shaikh and Tonak (1994) reveals a sharp expansion of the unproductive activities in the U.S. economy during the period 1964-2007. The combination of growing productivity and the stagnant or even falling real wages of productive workers increased the Rate of surplus value in the recent decades to unprecedented highs. As a consequence, the general Rate of profit from the early 1980s onwards was also rising until the last years of our analysis; meanwhile the net Rate of profit remained at levels much lower than those of the 1960s and the slightly rising trend during the post-1980s has been already reversed. The patterns of these crucial variables reveal startling similarities with the onset of the slowdown that started in the mid- to late 1960s.JEL classification: B5, E1, O51
Institut D'anàlisi Econòmica - One of the best experts on this subject based on the ideXlab platform.
-
A foundation model for marxian breakdown theories based on a new falling Rate of profit mechanism (Long version)
2021Co-Authors: Petith, Howard C., Universitat Autònoma De Barcelona. Unitat De Fonaments De L'anàlisi Eco, Institut D'anàlisi EconòmicaAbstract:The paper presents a foundation model for Marxian theories of the breakdown of capitalism based on a new falling Rate of profit mechanism. All of these theories are based on one or more of "the historical tendencies": a rising capital-wage bill ratio, a rising capitalist share and a falling Rate of profit. The model is a foundation in the sense that it geneRates these tendencies in the context of a model with a constant subsistence wage. The newly discovered generating mechanism is based on neo-classical reasoning for a model with land. It is non-Ricardian in that land augmenting technical progress can be unboundedly rapid. Finally, since the model has no steady state, it is necessary to use a new technique, Chaplygin's method, to prove the result
-
Land, technical progress and the falling Rate of profit
2021Co-Authors: Petith, Howard C., Universitat Autònoma De Barcelona. Unitat De Fonaments De L'anàlisi Eco, Institut D'anàlisi EconòmicaAbstract:The paper sets out a one sector growth model with a neoclassical production function in land and a capital-labour aggregate. Capital accumulates through capitalist saving, the labour supply is infinitely elastic at a subsistence wage and all factors may experience factor augmenting technical progress. The main result is that, if the elasticity of substitution between land and the capital-labour aggregate is less than one and if the Rate of caital augmenting technical progress is strictly positive, then the Rate of profit will fall to zero. The surprise is that this result holds regardless of the Rate of land augmenting technical progress; that is, no amount of technical advance in agriculture can stop the fall in the Rate of profit. The paper also discusses the relation of this result to the classical and Marxist literature and sets out the path of the relative price of land
-
A Descriptive and analytic look at Marx's own explanations of the falling Rate of profit (second version)
2021Co-Authors: Howard Petith, Universitat Autònoma De Barcelona. Unitat De Fonaments De L'anàlisi Eco, Institut D'anàlisi EconòmicaAbstract:This paper examines, both descriptively and analytically, Marx's arguments for the falling Rate of profit from the Hodgskin section of Theories of Surplus Value, The General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital. The conclusions are as follows: First, Marx realised that his main attempt to give an intrinsic explanation of the falling Rate of profit, which occurred in the General Law section, had failed; but he still hoped that he would be able to demonstRate it in the future. Second, the Hodgskin and General Law sections contain a number of subsidiary explanations, mostly related to resource scarcity, some of which are correct. Third, Part III of volume III does not contain a demonstration of the falling Rate of profit, but a description of the role of the falling Rate of profit in capitalist development. Forth, it also contains suppressed references to resource scarcity. And finally, in Chapter 3 of Volume III, Marx says that it is resource scarcity that causes the fall in the Rate of profit described in Part III of the same volume. The key to all these conclusions in the careful analysis of the General Law section
-
A descriptive and analytic look at Marxs own explanations for the falling Rate of profit
2021Co-Authors: Petith, Howard C., Universitat Autònoma De Barcelona. Unitat De Fonaments De L'anàlisi Eco, Institut D'anàlisi EconòmicaAbstract:Marxs conclusions about the falling Rate of profit have been analysed exhaustively. Usually this has been done by building models which broadly conform to Marxs views and then showing that his conclusions are either correct or, more frequently, that they can not be sustained. By contrast, this paper examines, both descriptively and analytically, Marxs arguments from the Hodgskin section of Theories of Surplus Value, the General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital. It also gives a new interpretation of Part III of this last work. The main conclusions are first, that Marx had an intrinsic explanation of the falling Rate of profit but was unable to give it a satisfactory demonstration and second, that he had a number of subsidiary explanations of which the most important was resource scarcity. The paper closes with an assessment of the pedigree of various currents of Marxian thought on this issue
-
A descriptive and analytic look at Marxs own explanations for the falling Rate of profit (Long Version)
2021Co-Authors: Petith, Howard C., Universitat Autònoma De Barcelona. Unitat De Fonaments De L'anàlisi Eco, Institut D'anàlisi EconòmicaAbstract:Marxs conclusions about the falling Rate of profit have been analysed exhaustively. Usually this has been done by building models which broadly conform to Marxs views and then showing that his conclusions are either correct or, more frequently, that they can not be sustained. By contrast, this paper examines, both descriptively and analytically, Marxs arguments from the Hodgskin section of Theories of Surplus Value, the General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital. It also gives a new interpretation of Part III of this last work. The main conclusions are first, that Marx had an intrinsic explanation of the falling Rate of profit but was unable to give it a satisfactory demonstration and second, that he had a number of subsidiary explanations of which the most important was resource scarcity. The paper closes with an assessment of the pedigree of various currents of Marxian thought on this issue
Sergio Martin Fernandez - One of the best experts on this subject based on the ideXlab platform.
-
la ley de la tendencia descendente de la tasa de ganancia y su validez explicativa de las crisis economicas la nueva interpretacion temporalista the law of tendency of the Rate of profit to fall and their explanatory validity of economic crises the new temporalist approach
Social Science Research Network, 2016Co-Authors: Sergio Martin FernandezAbstract:Spanish Abstract: Este trabajo es una revision de los debates clasicos y actuales sobre la Ley de la tendencia descendente de la tasa de ganancia y su validez como teoria explicativa de las dinamicas del capitalismo. El texto trata de responder a la consistencia o no de la Ley, puesta en duda durante decadas, a traves de la presentacion de la nueva interpretacion temporalista (TSSI) y la adecuacion de esta nueva interpretacion marxista para explicar las crisis economicas en el capitalismo.English Abstract: This work is a revision of the classic and current debates on the Law of the Tendency to Fall in the Rate of Profit, as an explanatory theory of the dynamics of Capitalism. The text attempts to check the consistency of this controversial Law, through the presentation of the new temporalist interpretation (TSSI), and the adequacy of this new Marxist interpretation to explain the economic crisis in the Capitalism.
Deepankar Basu - One of the best experts on this subject based on the ideXlab platform.
-
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.
-
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
-
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.
-
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
