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Confronting the Evidence: Marx's Historians on the Falling Profit Rate

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  • Freeman, Alan

Abstract

This article presents a detailed textual analysis of Marx’s actual account of the tendency of the rate of profit to fall and attempts to recover the initial logic of the analysis It sets this against early discussion on Marx’s value theory and shows, in a non-mathematical manner, how a purely physical conception of the profit rate was substituted for the value profit rate, as a consequence of the interpretation of Marx’s value theory within a general equilibrium framework, introduced by Bortkiewicz and subsequently adopted by academic Marxism. It demonstrates how the consistency of Marx’s logic emerges on the basis of a temporal interpretation of Marx’s value theory. Presented to the 7th annual conference of the Association for Heterodox Economics, London, sessions on ‘Whig History in Economics and (re) interpretation of theory. City University, July 15-17 2005.

Suggested Citation

  • Freeman, Alan, 2004. "Confronting the Evidence: Marx's Historians on the Falling Profit Rate," MPRA Paper 5590, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:5590
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    File URL: https://mpra.ub.uni-muenchen.de/5590/1/MPRA_paper_5590.pdf
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    Cited by:

    1. Freeman, Alan, 2013. "The Road out of Crisis and the Policy Choices Facing Russia," MPRA Paper 52681, University Library of Munich, Germany, revised 02 May 2013.

    More about this item

    Keywords

    Temporalism; TSSI; Value; Marx; rate of profit; transformation; non-equilibrium; Walras; physicalism; simultaneism;

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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