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On Marx’s Law of the Falling Rate of Profit: Disentangling Some Entangled Variables

Author

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  • Ajit Sinha

    (University of Paris, Paris, France)

Abstract

This paper argues that Marx’s law of the falling rate of profit applies to the problematic of choice of technique in the context of accumulation of capital, and not to the problematic of choice of technique in the context of technological change or new innovation as such. In this context, Marx’s “the law itself†is correct. It is, however, true that Marx does confuse the two contexts at times; but here he seems to be following in the footsteps of Ricardo, who had also made an identical mistake.

Suggested Citation

  • Ajit Sinha, 2014. "On Marx’s Law of the Falling Rate of Profit: Disentangling Some Entangled Variables," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(2), pages 184-189, June.
    • Handle: RePEc:sae:reorpe:v:46:y:2014:i:2:p:184-189
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    Keywords

    rate of profit; Marxian economics; Ricardo; classical economics;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • 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
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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