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An equation for a time-dependent profit rate

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  • Rafael D. Sorkin

Abstract

Taking as a hypothesis a form of the labour theory of value, and $without$ $assuming$ $equilibrium$, we derive an equation that yields the profit-rate $\pi$ as a function of time. For a mature economy, $\pi(t)$ reduces to the product of two factors: ($i$) a certain $retarded$ $average$ of the sum of the growth-rates of productivity and of the size of the labour-force measured by hours worked, and ($ii$) the ratio of the current rate of surplus value to its own retarded average. We also suggest an empirical test of the equation.

Suggested Citation

  • Rafael D. Sorkin, 2017. "An equation for a time-dependent profit rate," Papers 1705.02559, arXiv.org.
    • Handle: RePEc:arx:papers:1705.02559
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    References listed on IDEAS

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    1. Roemer, John E, 1979. "Continuing Controversy on the Falling Rate of Profit: Fixed Capital and Other Issues," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(4), pages 379-398, December.
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