[OPE-L:2932] The Falling Equilibrium Rate of Profit

John Ernst (ernst@nyc.pipeline.com)
Fri, 30 Aug 1996 23:28:58 -0700 (PDT)

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As Alan, Andrew, Duncan and Gil deal with
what Roemer and Okishio said or did not say,
we should not lose sight of Alan's point that
Marx himself was not an adherent of "The
Falling Equilibrium Rate of Profit." Yet, the
Okishio Theorem is often used as an answer
to Marx's falling rate of profit. The textual
support for that position has yet to be seen.
Rather it seems that given economists are
comfortable with the idea of equilibrium, the
notion of a falling rate of profit as the economy
traverses (somehow) from one equilibrium point
to another is simply imputed to Marx.