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La tasa de beneficio en la dinámica económica de los países europeos, 1984-2003

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  • PALAZUELOS MANSO, ENRIQUE

    () (Grupo de Investigación sobre Crecimiento de la Economía Mundial (GICEM) Departamento de Economía Aplicada I Facultad de Ciencias Económicas y Empresariales Universidad Complutense de Madrid Campus de Somosaguas 28223 – Madrid.)

  • FERNÁNDEZ SÁNCHEZ, RAFAEL

    () (Grupo de Investigación sobre Crecimiento de la Economía Mundial (GICEM) Departamento de Economía Aplicada I Facultad de Ciencias Económicas y Empresariales Universidad Complutense de Madrid Campus de Somosaguas 28223 – Madrid Tél: 91-3942473 Fax: 91- 3042499)

Abstract

This paper investigates the fundamental relationship which has been established between investment and profit rate with the intention of analysing the factors behind the change in the patterns of profit rates during phases of expansion and recession in the European economies during the period 1984-2003. Taking a Kaleckian interpretation as a starting point, explain the inflections in the process of growth and fall in the profit rate in each phase of the cycle. Since capital productivity responds to inertial factors, the analysis reveals that those inflections in the profit rate follow the variations in the factors which make up the mark-up of the companies, in other words, the productivity of the employees, salaries and prices. Este trabajo indaga en la relación fundamental que se establece entre la inversión y la tasa de beneficio con el propósito de analizar los factores que explican el cambio de pautas que sigue dicha tasa en las fases de expansión y recesión de las economías europeas durante el intervalo 1984-2003. Partiendo de una propuesta teórica kaleckiana, se explica por qué inflexiona el proceso de crecimiento/decrecimiento de la tasa de beneficio en cada fase del ciclo. Como la productividad del capital mantiene pautas inerciales, el análisis revela que las inflexiones de la tasa de beneficio obedecen a las variaciones de los factores que componen el mark-up de las empresas, esto es, la productividad de los empleados, la compensación salarial y los precios.

Suggested Citation

  • Palazuelos Manso, Enrique & Fernández Sánchez, Rafael, 2007. "La tasa de beneficio en la dinámica económica de los países europeos, 1984-2003," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 901-926, Diciembre.
  • Handle: RePEc:lrk:eeaart:25_3_14
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    References listed on IDEAS

    as
    1. Lavoie, M., 1992. "The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques," Working Papers 9201e, University of Ottawa, Department of Economics.
    2. Lavoie, Marc, 1995. "The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques," Cambridge Journal of Economics, Oxford University Press, vol. 19(6), pages 789-818, December.
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    More about this item

    Keywords

    Economic dynamic; Economic cycles; Profit rate; Mark-up; European economies/Dinámica económica; Ciclos económicos; Tasa de beneficio; mark-up; Economías europeas;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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