The cyclical fall in the rate of profit reveals the basic mechanism of the cyclical fluctuation of the economy.A new synthesis of the Marxist crisis theory necessitates calculating the rate of profit as well as consid...The cyclical fall in the rate of profit reveals the basic mechanism of the cyclical fluctuation of the economy.A new synthesis of the Marxist crisis theory necessitates calculating the rate of profit as well as considering factors such as capital-labor relations,realization of value,the organic composition of capital,and money and credit.Empirical studies suggest that the U.S.profit rate in real economy showed no signs of effective recovery during 195-2008.The shrinking profit share caused by growing employment of non-production workers turns out to be the major factor contributing to the cyclical fall in the rate of profit,which in turn may be traced to the reorganization of the production process before the 1990s and the growing flexibility of employment relations after the 1990s.With long-term stagnation of the rate of profit,a new,financialised model of accumulation that heavily depends on increasing liquidity in the economy took shape in the United States,making the U.S.economy more fragile.The current crisis is but a natural result of the intrinsic contradiction between the Fed’s efforts to encourage financialised accumulation and to maintain the dollar as a legitimate quasi international reserve currency.展开更多
Under the assumption of constant real wage,Okishio’s theorem shows that profit rates do not fall after any viable technical change.Research has indicated that if real wages rise after the introduction of technical ch...Under the assumption of constant real wage,Okishio’s theorem shows that profit rates do not fall after any viable technical change.Research has indicated that if real wages rise after the introduction of technical change and then profit rates fall,then such fall in profit rates belongs to the realm of profit squeeze theory,which leads to the claim of the impossibility of a consistent theory of declining profit rate based on Marx’s insight.The present study proposes a two-channel framework to distinguish the mechanism of rising organic composition of capital from that of profit squeeze,and show that any viable capital-using and labor-saving technical change would lower the profit rate if the wage/profit ratio is unaffected in a multi-sector setting.展开更多
基金supported by the Fundamental Research Funds for the Central UniversitiesResearch Funds of Renmin University of China(11XNI012)
文摘The cyclical fall in the rate of profit reveals the basic mechanism of the cyclical fluctuation of the economy.A new synthesis of the Marxist crisis theory necessitates calculating the rate of profit as well as considering factors such as capital-labor relations,realization of value,the organic composition of capital,and money and credit.Empirical studies suggest that the U.S.profit rate in real economy showed no signs of effective recovery during 195-2008.The shrinking profit share caused by growing employment of non-production workers turns out to be the major factor contributing to the cyclical fall in the rate of profit,which in turn may be traced to the reorganization of the production process before the 1990s and the growing flexibility of employment relations after the 1990s.With long-term stagnation of the rate of profit,a new,financialised model of accumulation that heavily depends on increasing liquidity in the economy took shape in the United States,making the U.S.economy more fragile.The current crisis is but a natural result of the intrinsic contradiction between the Fed’s efforts to encourage financialised accumulation and to maintain the dollar as a legitimate quasi international reserve currency.
基金supported by the Fundamental Research Funds for the Central Universitiesthe Research Funds of Renmin University of China under Grant 21XNF014
文摘Under the assumption of constant real wage,Okishio’s theorem shows that profit rates do not fall after any viable technical change.Research has indicated that if real wages rise after the introduction of technical change and then profit rates fall,then such fall in profit rates belongs to the realm of profit squeeze theory,which leads to the claim of the impossibility of a consistent theory of declining profit rate based on Marx’s insight.The present study proposes a two-channel framework to distinguish the mechanism of rising organic composition of capital from that of profit squeeze,and show that any viable capital-using and labor-saving technical change would lower the profit rate if the wage/profit ratio is unaffected in a multi-sector setting.
