From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Thu Sep 08 2005 - 08:03:34 EDT
Ian suggests that OPE provide links to resources and papers by members. I think as a start a list of members web pages on which they have papers would be handy. I have just put a paper by Allin and I called Demography and long term profit rates on my web page http://www.dcs.gla.ac.uk/~wpc/reports/index.html In it we discuss the original formulation of the theory of the falling rate of profit by Marx and the criticisms of the theory's micro-foundations by Roemer. We then counterpose to this an alternative macroeconomic interpretation in which the falling rate of profit is driven by demographic factors. We follow this up with an examination of why the assumptions made in Roemer's analysis are empirically unjustified. In particular we criticize his use of the average rate of profit rather than the monetary interest rate as the regulator of investment decisions. We conclude with an examination of the social implications of a declining rate of profit.
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