'Business Cycles,' Turnover and the Rate of Profit: An Empirical Test of Marxian Crisis Theory
AbstractThe fragmentary nature of Karl Marx's discussion on crisis has led to a long-standing debate regarding causal factors. This paper is a first attempt to show that turnover plays an important role in explaining cyclical movements in the rate of profit. The results of this study show the importance of including a measure of turnover in the rate of profit and lend support to the view that crises result both from a rising organic composition of capital and realization problems.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 14 (1988)
Issue (Month): 3 (Jul-Sep)
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- Weisskopf, Thomas E, 1979. "Marxian Crisis Theory and the Rate of Profit in the Postwar U.S. Economy," Cambridge Journal of Economics, Oxford University Press, vol. 3(4), pages 341-78, December.
- Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 233-51, June.
- James N. Devine, 1987. "Cyclical Over-Investment and Crisis in a Labor-Scarce Economy," Eastern Economic Journal, Eastern Economic Association, vol. 13(3), pages 271-280, Jul-Sep.
- Andrea Vaona, 2010.
"Profit rate dynamics, income distribution, structural and technical change in Denmark, Finland and Italy,"
11/2010, University of Verona, Department of Economics.
- Vaona, Andrea, 2011. "Profit rate dynamics, income distribution, structural and technical change in Denmark, Finland and Italy," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 247-268, September.
- Passarella, Marco & Baron, Hervé, 2013. "Capital's Pons Asinorum: the Rate of Turnover in Karl Marx's Analysis of Capitalist Valorisation," MPRA Paper 48306, University Library of Munich, Germany, revised 14 Jul 2013.
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