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A foundation Model for Marxian Breakdown Theories Based on a New Falling Rate of Profit Mechanism (Long Version)

  • Howard Petith

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    Abstract: The paper presents a foundation model for Marxian theories of the breakdown of capitalism based on a new falling rate of profit mechanism. All of these theories are based on one or more of "the historical tendencies": a rising capital-wage bill ratio, a rising capitalist share and a falling rate of profit. The model is a foundation in the sense that it generates these tendencies in the context of a model with a constant subsistence wage. The newly discovered generating mechanism is based on neo-classical reasoning for a model with land. It is non-Ricardian in that land augmenting technical progress can be unboundedly rapid. Finally, since the model has no steady state, it is necessary to use a new technique, Chaplygin's method, to prove the result.

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    File URL: http://pareto.uab.es/wp/2002/52402.pdf
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    Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 524.02.

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    Length: 25
    Date of creation: 15 Jul 2002
    Date of revision:
    Handle: RePEc:aub:autbar:524.02
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