Kondratiev, Marx and the long cycle
AbstractAbstract This paper begins with a critical presentation of Kondratiev’s (1926) seminal paper on the question of the existence as well as his theoretical explanation of long cyclical fluctuations of the level of economic activity. Furthermore we argue that a coherent explanation of long-run fluctuations can be based upon Marx’s argument in Capital III, whereby the falling long-run tendency of the rate of profit leads to a stagnant mass of net profits, which are associated with the onset of economic crisis. The paper concludes with a discussion of the similarities or differences and of the relative merits or weaknesses of Kondratiev’s and Marx’s views with respect to their visions of the long term evolution of the capitalist system.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31355.
Date of creation: 10 Jun 2006
Date of revision: 10 May 2012
Long cycles; falling rate of profit; economic crisis;
Find related papers by JEL classification:
- B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
- B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
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- Tsoulfidis, Lefteris, 2005. "Falling Rate of Profit and Overaccumulation in Marx and Keynes," MPRA Paper 35980, University Library of Munich, Germany.
- Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 2(2), pages 233-51, June.
- Stravelakis, Nikos, 2012. "Why recession and depression policies differ," MPRA Paper 39128, University Library of Munich, Germany.
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