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Constant Capital and the Crisis in Contemporary Capitalism: Echoes from the Late Nineteenth Century


  • Michael Perelman

    () (California State University)


Because constant capital involves irreversible decisions, understanding this subject is essential for coming to grips with the complexity of the economy, especially crisis theory. This paper attempts to show how both Marx and late 19th century neoclassical economists in the United States realized that the relative growth of constant capital made competitive economies unsustainable.

Suggested Citation

  • Michael Perelman, 2010. "Constant Capital and the Crisis in Contemporary Capitalism: Echoes from the Late Nineteenth Century," Journal of Economic Analysis, National Technical University of Athens, vol. 1(1), pages 34-41.
  • Handle: RePEc:tua:journl:v:1:y:2010:i:1:p:34_41

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    References listed on IDEAS

    1. Durlauf, Steven N. & Johnson, Paul A. & Temple, Jonathan R.W., 2005. "Growth Econometrics," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 8, pages 555-677 Elsevier.
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    As found by, the blog aggregator for Economics research:
    1. Constant Capital and the Crisis in Contemporary Capitalism: Echoes from the Late Nineteenth Century
      by mperelman in Unsettling Economics on 2010-11-07 00:47:26

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