[OPE-L] Falling rate of profit article

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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