Technology, distribution and the rate of profit in the US economy: understanding the current crisis
AbstractThis paper offers a synoptic account of the state of the debate among Marxist scholars regarding the current structural crisis of capitalism, identifies two broad streams within the literature dealing, in turn, with aggregate demand and profitability problems, and proceeds to concentrate on an analysis of issues surrounding the profitability problem in two steps. First, evidence on profitability trends for the non-farm non-financial corporate business, the non-financial corporate business and the corporate business sectors in post-war USA are summarised. A broad range of profit rate measures are covered and data from both the US Bureau of Economic Analysis (NIPA and Fixed Assets Tables) and the Federal Reserve (Flow of Funds Account) are used. Second, the underlying drivers of profitability, in terms of technology and distribution, are investigated. The profitability analysis is used to offer some hypotheses about the current structural crisis. Copyright , Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal Of Economics.
Volume (Year): 37 (2013)
Issue (Month): 1 ()
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Other versions of this item:
- Deepankar Basu & Ramaa Vasudevan, 2011. "Technology, Distribution and the Rate of Profit in the US Economy: Understanding the Current Crisis," UMASS Amherst Economics Working Papers 2011-32, University of Massachusetts Amherst, Department of Economics.
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
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- James Crotty, 2008.
"Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’,"
wp180, Political Economy Research Institute, University of Massachusetts at Amherst.
- James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 563-580, July.
- James Crotty, 2008. "Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’," UMASS Amherst Economics Working Papers 2008-14, University of Massachusetts Amherst, Department of Economics.
- Russo, Alberto, 2012. "Elements of novelty, known mechanisms, and the fundamental causes of the recent crisis," MPRA Paper 41088, University Library of Munich, Germany.
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