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The Dynamics of Fixed Capital Revaluation and Scrapping

Author

Listed:
  • José Alberro
  • Joseph Persky
  • José Alberro

    (Department of Economics University of Illinois at Chicago Circle Box 4348 Chicago, Illinois 60680)

  • Joseph Persky

    (Department of Economics University of Illinois at Chicago Circle Box 4348 Chicago, Illinois 60680)

Abstract

This paper offers a theoretical approach to the study of intracapi talist class rivalry focusing on the dynamic properties of fixed capital revaluation when technological change is introduced. Historically capitalist accumulation has relied on multiperiod assets which increase the roundaboutness of produc tion. As the flexibility of the production system decreases, technical obsolescence is increasingly damaging, and may cause the realized rate of profit to fall. Those capitalists who use external funds to finance investment will find themselves with an increasingly expensive debt to be serviced out of shrinking profits.

Suggested Citation

  • José Alberro & Joseph Persky & José Alberro & Joseph Persky, 1981. "The Dynamics of Fixed Capital Revaluation and Scrapping," Review of Radical Political Economics, Union for Radical Political Economics, vol. 13(2), pages 32-37, July.
    • Handle: RePEc:sae:reorpe:v:13:y:1981:i:2:p:32-37
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    Cited by:

    1. Alan Freeman, 1998. "A General Refutation of Okishio’s Theorem and a Proof of the Falling Rate of Profit," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 10, pages 139-162, Palgrave Macmillan.
    2. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    3. Freeman, Alan, 1996. "The Psychopathology of Walrasian Marxism," MPRA Paper 1539, University Library of Munich, Germany.
    4. Michael Perelman, 1990. "The Phenomenology of Constant Capital and Fictitious Capital," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 66-91, June.

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