On the Marxian law of the falling rate of profit and Marx-biased technical change
Karl Marx was one of the first analysts of capitalism’s trends and problems. Here I offer a formal exposition of his thesis that the rate of profit tends to fall as a consequence of capital accumulation and analyze the most well-known counter-arguments. I then use the framework developed in the text to suggest a particular standpoint from which to look at development policy.
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- William Easterly, 2007. "Was Development Assistance a Mistake?," American Economic Review, American Economic Association, vol. 97(2), pages 328-332, May.
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