[OPE-L:5159] TRPF

Seongjin Jeong (seongjin@gshp.gsnu.ac.kr)
Sun, 1 Jun 1997 18:05:21 -0700 (PDT)

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Dear Michael Williams:

Three short questions related with your comments on my post.
(1) Is there any sentence which 'directly' supports your and Fine's
interpretation of TRPF in Marx's work?
I still don't think the paragraph which I quoted (Capital, Vol.3,
Penguin, p346) can be read as your interpretation that TRPF is "an
abstract ... tendency ... is never observable per se."
(2) If the Law of TRPF is just an abstract law, then what is the meaning
of the word "Fall," of "Falling"? What would be the meaning of "abstract"
falling of rate of profit?
(2) If Marx's Law of TRPF is not an empirical tendency, then what is the
meaning or usefulness of empirical Marxian economic ananlysis, like,
Moseley, Shaikh, Dumeni and Levy etc., who tried to find the empirical
evidence of falling rate of profit in the long run?

In solidarity,