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Piketty against Piketty: the tendency of the rate of profit to fall in United Kingdom and Germany since XIX century confirmed by Piketty´s data

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  • Maito, Esteban Ezequiel

Abstract

In Capital in 21st century, Thomas Piketty criticizes Marxian theory and the law of the tendency of the rate of profit to fall in the long term. His main argument, asserted by other authors since decades, is related to the capacity of increases in productivity to counterweight the tendency. The French author establishes a stable “rate of return” too, but this rate and his critics on Marx are founded on a neoclassical perspective. Thus Piketty denies the validity of the law but changing its determinations as a result of the labor theory of value and the valorization process. When a proper definition of the matter in Marxian terms is done, Piketty´s data itself confirm the law of the tendency of the rate of profit to fall.

Suggested Citation

  • Maito, Esteban Ezequiel, 2014. "Piketty against Piketty: the tendency of the rate of profit to fall in United Kingdom and Germany since XIX century confirmed by Piketty´s data," MPRA Paper 55839, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:55839
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    File URL: https://mpra.ub.uni-muenchen.de/55839/1/MPRA_paper_55839.pdf
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    References listed on IDEAS

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    1. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, Oxford University Press, vol. 129(3), pages 1255-1310.
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    Cited by:

    1. malikane, christopher, 2015. "Capital In the 21st Century: A Review," MPRA Paper 67143, University Library of Munich, Germany.

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    Keywords

    Piketty – Capital – Marx – Rate of profit – United Kingdom - Germany;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • P1 - Economic Systems - - Capitalist Systems
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • Y1 - Miscellaneous Categories - - Data: Tables and Charts

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