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A Foundation Model for Marxian Breakdown Theories Based on a New Falling Rate of Profit Mechanism

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  • Howard Petith

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    Abstract

    Abstract: The paper presents a foundation model for Marxian theories of the breakdown of capitalism based on a new falling rate of profit mechanism. All of these theories are based on one or more of "the historical tendencies": a rising capital-wage bill ratio, a rising capitalist share and a falling rate of profit. The model is a foundation in the sense that it generates these tendencies in the context of a model with a constant subsistence wage. The newly discovered generating mechanism is based on neo-classical reasoning for a model with land. It is non-Ricardian in that land augmenting technical progress can be unboundedly rapid. Finally, since the model has no steady state, it is necessary to use a new technique, Chaplygin's method, to prove the result.

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    Bibliographic Info

    Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 516.02.

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    Length: 18
    Date of creation: 01 Mar 2002
    Date of revision:
    Handle: RePEc:aub:autbar:516.02

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    Keywords: Marx; Breakdown; Falling Rate of Profit;

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    Cited by:
    1. Howard Petith, 2006. "Land, Technical Progress and the Falling Rate of Profit," UFAE and IAE Working Papers 667.06, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    2. Petith, Howard, 2008. "Land, technical progress and the falling rate of profit," Journal of Economic Behavior & Organization, Elsevier, vol. 66(3-4), pages 687-702, June.

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