'Business Cycles,' Turnover and the Rate of Profit: An Empirical Test of Marxian Crisis Theory
The fragmentary nature of Karl Marx's discussion on crisis has led to a long-standing debate regarding causal factors. This paper is a first attempt to show that turnover plays an important role in explaining cyclical movements in the rate of profit. The results of this study show the importance of including a measure of turnover in the rate of profit and lend support to the view that crises result both from a rising organic composition of capital and realization problems.
Volume (Year): 14 (1988)
Issue (Month): 3 (Jul-Sep)
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- Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 233-251, June.
- Weisskopf, Thomas E, 1979. "Marxian Crisis Theory and the Rate of Profit in the Postwar U.S. Economy," Cambridge Journal of Economics, Oxford University Press, vol. 3(4), pages 341-378, December.
- James N. Devine, 1987. "Cyclical Over-Investment and Crisis in a Labor-Scarce Economy," Eastern Economic Journal, Eastern Economic Association, vol. 13(3), pages 271-280, Jul-Sep.
- Alain Lipietz, 1986. "Behind the Crisis: The Exhaustion of a Regime of Accumulation. A "regulation school" perspective on some French empirical works," Review of Radical Political Economics, Union for Radical Political Economics, vol. 18(1-2), pages 13-32, March.
- Raford Boddy & James Crotty, 1975. "Class Conflict and Macro-Policy: The Political Business Cycle," Review of Radical Political Economics, Union for Radical Political Economics, vol. 7(1), pages 1-19, April.