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Falling Rate of Profit and Overaccumulation in Marx and Keynes

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  • Tsoulfidis, Lefteris

Abstract

The question of the long-run prospects of profitability and its association with the stage of capital accumulation have occupied central importance in the history of economic thought. This paper focuses on Marx and Keynes and argues that Marx’s analysis, despite its incomplete nature, is logically consistent in both explaining the falling tendency of the rate of profit as well as the precise mechanism that leads the economy to its crisis stage. Keynes’s analysis, although sketchy, has more in common with Marx and Smith than with Ricardo and neoclassical economics. Furthermore, Keynes’s views on effective demand and the way in which it affects profitability and capital accumulation might be gainfully used for the formulation of a more advanced theory to explain and at the same time direct, within strictly defined limits, the dynamics of capitalist economies.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 35980.

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Date of creation: 15 Oct 2005
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Publication status: Published in Political Economy Quarterly 3.43(2006): pp. 65-75
Handle: RePEc:pra:mprapa:35980

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Keywords: Profitability; accumulation; crisis; Marx; Keynes;

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  1. Barnett, Vincent, 2001. "Tugan-Baranovsky as a Pioneer of Trade Cycle Analysis," Journal of the History of Economic Thought, Cambridge University Press, vol. 23(04), pages 443-466, December.
  2. Glyn, A. & Hughes, A. & Lipietz, A. & Singh, A., 1988. "The Rise And Fall Of The Golden Age," Cambridge Working Papers in Economics 884, Faculty of Economics, University of Cambridge.
  3. Dimand, R.W., 1994. "Irving Fisher, J.M. Keynes and the Transition to Modern Macroeconomics," Working Papers 1994-19, Brock University, Department of Economics.
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Cited by:
  1. Papageorgiou, Aris & Tsoulfidis, Lefteris, 2006. "Kondratiev, Marx and the long cycle," MPRA Paper 31355, University Library of Munich, Germany, revised 10 May 2012.

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