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Capital accumulation cycles in the Marxist theory

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  • Bernard Dupont

Abstract

This paper reviews the question of cycles in the Marxist theory from the methodological indications given by Marx in the first book of the Capital. It expounds on the properties of a nonlinear dynamic model of accumulation of capital which analyses the interactions between the rate of employment, the rate of surplus value and the composition of capital. An extensive accumulation regime generates endogenous fluctuations. A mixed regime of extensive and intensive accumulation is marked by long waves of employment, surplus value and the rate of profit while capital intensity goes through phases of stagnation and rising.

Suggested Citation

  • Bernard Dupont, 2014. "Capital accumulation cycles in the Marxist theory," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 66, pages 173-198.
  • Handle: RePEc:cpo:journl:y:2014:i:66:p:173-198
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    More about this item

    Keywords

    Cycles; Marxian macroeconomics; nonlinear dynamical systems.;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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