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Η θεωρία οικονομικών κρίσεων του Karl Marx
[Karl Marx’s theory of economic crises]

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  • Mariolis, Theodore

Abstract

This paper argues that Marx’s theory of economic crises constitutes a system of three discrete ‘sub-theories’ on: (i) distributive growth cycles; (ii) effective demand; and (iii) the tendency of the average profit rate to fall. The paper explores the relationships between these sub-theories and concludes that the third sub-theory overdetermines the other two. Finally, it evaluates the Marxian system of crises on the basis of modern economic science findings.

Suggested Citation

  • Mariolis, Theodore, 2014. "Η θεωρία οικονομικών κρίσεων του Karl Marx
    [Karl Marx’s theory of economic crises]
    ," MPRA Paper 56831, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:56831
    as

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    File URL: https://mpra.ub.uni-muenchen.de/56831/1/MPRA_paper_56831.pdf
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    References listed on IDEAS

    as
    1. Plosser, Charles I, 1989. "Understanding Real Business Cycles," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 51-77, Summer.
    2. Papageorgiou, Aris & Tsoulfidis, Lefteris, 2006. "Kondratiev, Marx and the long cycle," MPRA Paper 31355, University Library of Munich, Germany, revised 10 May 2012.
    3. Theodore Mariolis, 2014. "Falling Rate of Profit and Mass of Profits: A Note," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 549-556, October.
    4. Roger W. Ferguson & William L. Wascher, 2004. "Distinguished Lecture on Economics in Government: Lessons from Past Productivity Booms," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 3-28, Spring.
    5. Desai, Meghnad & Henry, Brian & Mosley, Alexander & Pemberton, Malcolm, 2006. "A clarification of the Goodwin model of the growth cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 30(12), pages 2661-2670, December.
    6. George Soklis, 2011. "Shape Of Wage–Profit Curves In Joint Production Systems: Evidence From The Supply And Use Tables Of The Finnish Economy," Metroeconomica, Wiley Blackwell, vol. 62(4), pages 548-560, November.
    7. Salvadori, Neri, 1981. "Falling Rate of Profit with a Constant Real Wage: An Example," Cambridge Journal of Economics, Oxford University Press, vol. 5(1), pages 59-66, March.
    8. Ian Steedman, 2013. "Sraffian Thoughts in Full Marginalist Dress," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 598-606, November.
    9. Wolfgang Eichert, 2014. "Long-period Positions in Multi-sectoral Cobb–Douglas Economies," Metroeconomica, Wiley Blackwell, vol. 65(1), pages 136-153, February.
    10. Pasinetti, Luigi L, 1988. "Growing Subsystems, Vertically Hyper-integrated Sectors and the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 125-134, March.
    11. Mariollis, Theodore, 2012. "Goodwin’s Growth Cycle Model with the Bhaduri-Marglin Accumulation Function," MPRA Paper 40738, University Library of Munich, Germany.
    12. Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Oxford University Press, vol. 1(1), pages 93-100, March.
    13. Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Bhaduri-Marglin accumulation function; Goodwin’s growth cycle models; Law of the tendency of the average profit rate to fall; Marx’s system of eco-nomic crises; Sraffian theory; Total factor productivity;

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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