By Fred Moseley
Presents an empirical try out of Marx's conception of the "falling fee of revenue" by means of deriving estimates of the Marxian price of revenue and its determinants for the post-World conflict II US financial system with a view to ascertain no matter if the tendencies in those variables have been within the instructions expected by way of Marx's theory.
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Extra info for The Falling Rate of Profit in the Postwar United States Economy
1 also includes the interpretations of these issues adopted by Gillman (1958) and Mage (1963), two important earlier Marxian empirical studies of the US economy. In chapter 3, my estimates of the Marxian variables will be compared in detail with those of Wolff and Weisskopf, in order to determine the effects of the different interpretations of each of these conceptual issues on the trends of the estimates of the Marxian variables. 1 Interpretations of conceptual issues Moseley Wolff Weisskopf Gillman Mage money labor labor!
Okishio Marx's Theory of Falling Profit 21 proves, using linear algebra, that technological change which satisfies this condition will never lower the equilibrium (general) rate of profit, and will raise the equilibrium rate of profit if the innovation takes place in a "basic goods" industry. e. does not depreciate), and the other in which the rate of profit analyzed is not the actual one but is instead the "von Neumann rate of profit" (the minimum rate for which there exists a positive price vector which satisfies a generalized von Neumann equation system).
However, this rule has been criticized by other Marxist economists (Rosdolsky, 1977, chapter 31; Tortasada, 1977; Harvey 1985) and no general consensus has emerged. No one has yet suggested reliable ways to measure different intensities of labor. Thus it appears to be impossible in principle to convert observable quantities of actual labor into equivalent quantities of abstract labor for purposes of estimation. 3; Rosdolsky, 1977, chapter 5; Elson, 1979; Weeks, 1981, chapters 1 and 2; de Vroey, 1981; Lipietz, 1982a, 1986; Mohun, 1984-5; Foley, 1986b, chapter 2).