Tendency of the rate of profit to fall

1581:

in mediating breakdowns of relationships between production and consumption, and extend these arguments through more careful attention to a theory of money and credit. Further, Heinrich is sceptical of the suggestion that crisis for Marx necessarily begets collapse, arguing that the collapse theory "has historically always had an excusatory function: regardless of how bad contemporary defeats were, the opponent's end was a certainty". Heinrich argues that such a theory is not found in Marx beyond a possible trace of one in the

1546: 1599:, interpreting Adam Smith's falling rate of profit theory to be that increased competition drives down the average rate of profit, argued that competition could only level out differences in profit rates on investments in production, but not lower the general profit rate (the grand-average profit rate) as a whole. Apart from a few exceptional cases, Ricardo claimed, the average rate of profit could only fall if wages rose. 753: 46: 1524:"... there is no hope for producing a falling rate of profit theory in a competitive, equilibrium environment with a constant real wage... this does not mean... that there cannot exist a theory of a falling rate of profit in capitalist economies. One must, however, relax some of the assumptions of the stark models discussed here, to achieve such a falling rate of profit theory." 1810:, John Bradford, and Deepankar Basu (2012). Studies contradicting the TRPF include those by Òscar Jordà, Marcelo Resende, and Simcha Barkai. Other studies, such as those by Basu (2013), Elveren, Thomas Weiß and Ivan Trofimov, report mixed results or argue that the answer is not yet certain due to conflicting findings and issues with appropriately measuring the TRPF. 2111:

the general profit rate on capital will be – "if" share capital is considered as a separate component in the total capital assets invested, rather than as a duplication of real capital assets in the form of notional "paper" assets, or "if" the average rate of profit is calculated as the weighted mean

2102:

distribution from gross profit revenue (a fraction of surplus value), but he acknowledged that the specific pattern of distribution of portfolio capital between different types of placements could affect the overall average rate of return on capital investments. The overall yield on share capital is

1896:

of the tendency of the rate of profit to fall" (LTRPF). As explained in the article, there are disputes about whether there is such a law or not. Other terms used include "the falling rate of profit" (FROP), the "falling tendency of the rate of profit" (FTRP), "decline of the rate of profit" (DROP),

1580:

so as to condense all the fragmentary discussion of crisis under the chapter title "Development of the Law's Internal Contradictions", suggesting all crisis for Marx flows from declining profit rates. Instead, Heinrich suggests we ought to follow the direction of Marx's remarks on the role of crisis

1564:

ordinary capitalist conditions to increase— neither can grow without limit, and easy conclusions about their comparative rates of growth are not forthcoming. Marx, Heinrich argues, later became cognisant of this difficulty. Over a decade after he wrote the manuscript that became. in Engels' edition,

1563:

grows faster than the ratio of capital to value, which cannot be mathematically demonstrated from the concepts with which Marx is working. While the general direction of movement of both quantities may be known—both the rate of relative surplus-value, and the ratio of capital to value, are taken in

1553:

Heinrich calls into question Marxist theories giving a central place to the tendency of the rate of profit to fall, as Marx himself neglected to include the argument in his published theoretical work. And at the level of the reasoning of the argument, the mathematician Heinrich demonstrates that "a

1504:

Assuming constant real wages, technical change would lower the production cost per unit, thereby raising the innovator's rate of profit. The price of output would fall, and this would cause the other capitalists' costs to fall also. The new (equilibrium) rate of profit would therefore have to rise.

1759:

did mention the research of the émigré socialist Georg Christian Stiebeling, who compared profit, income, capital and output data in the U.S. census reports of 1870 and 1880, but Engels claimed that Stiebeling explained the results "in a completely false way" (Stiebeling's defence against Engels's

503:

in theory and practice". Stephen Cullenberg stated that the TRPF "remains one of the most important and highly debated issues of all of economics" because it raises "the fundamental question of whether, as capitalism grows, this very process of growth will undermine its conditions of existence and

2120:

than one accounting year, or, at most, for around one and a half years (this is called "the increase in portfolio (or equity) turnovers", or "the decrease in average stock holding periods"). The investors are, in this case, primarily concerned with comparative risks, and with the net capital gain

1668:

Perhaps the law of the tendency of the rate of profit to fall might be true in an abstract model, based on certain assumptions, but in reality no substantive, long-run empirical predictions can be made. In addition, profitability itself can be influenced by an enormous array of different factors,

717:

The scholarly controversy about the TRPF among Marxists and non-Marxists has continued for a hundred years. There exist nowadays several thousands of academic publications on the TRPF worldwide. No available book provides an exposition of all the different arguments that have been made. Professor

562:

The central idea that Marx had was that overall technological progress has a long-term "labor-saving bias", and that the overall long-term effect of saving labor time in producing commodities with the aid of more and more machinery had to be a falling rate of profit on production capital, quite

1684:

is wrong, then this obviates the bulk of the critique. Keen suggests that the TRPF was based on the idea that only labor can create new value (following the labor theory of value), and that there was a tendency over time for ratio of capital to labor (in value terms) to rise. If surplus can be

542:

In the “unhindered” advance of capitalist production lurks a threat to capitalism that is much graver than crises. It is the threat of the constant fall of the rate of profit, resulting not from the contradiction between production and exchange, but from the growth of the productivity of labor

1664:

obtainable in fluctuating markets with given technologies. This "indeterminacy" criticism revolves around the idea that technological change could have many different and contradictory effects. It could reduce costs, or it could increase unemployment; it could be labor-saving, or it could be

537:) would decrease. Now, assuming value is tied to the amount of labor necessary, the value of the physical output would decrease relative to the value of production capital invested. In response, the average rate of industrial profit would therefore tend to decline in the longer term. 705:

Consolidation of mature industries into an oligarchy of survivors. Mature industries do not attract new capital because of low returns. Mature companies with large amounts of capital invested and brand recognition can also try to block new competitors in their markets. See also

1751:

In the 1870s, Marx certainly wanted to test his theory of economic crises and profit-making econometrically, but adequate macroeconomic statistical data and mathematical tools did not exist to do so. Such scientific resources began to exist only half a century later.

1508:

David Ricardo also claimed that a fall in the average rate of profit could ordinarily be brought about only by rising wages (one other scenario could be, that foreign competition would drive down the local market prices for outputs, causing falling profits).

2798:

A translation of Bortkiewicz’s follow-up article "On the Correction of Marx's Fundamental Theoretical Construction in the Third Volume of Capital" (Jahrbücher für Nationalökonomie und Statistik, July 1907) is provided in Paul Sweezy (ed.),

721:

stated that "The connection between profit and economic theory is an intimate one. (...) However, a generally accepted theory of profit has not emerged at any stage in the history of economics... theoretical controversies remain intense."

1558:

for the rate of profit to fall cannot be substantiated at the general level" with the argument we're given. In order to safely deduce a fall in profit as a general tendency, Marx's argument requires the presumption that the rate of

1573:

Along these lines, Heinrich challenges the identification of Marx's theories of crisis with the law of the tendency of the rate of profit to fall, a reading he attributes principally to Engels having edited the third volume of

1699:) claimed that Marx's argument about the distribution of profits from newly produced surplus value is mathematically faulty. This gave rise to a lengthy academic controversy. Critics claimed that Marx failed to reconcile the 2121:

they can get from short-term positive changes in stock prices, as weighed against broker's fees and likely dividend yields (often the share parcels traded are large, which lowers the transaction costs per share). See: Marx,

622:

Nevertheless, Marx thought the countervailing tendencies ultimately could not prevent the average rate of profit in industries from falling; the tendency was intrinsic to the capitalist mode of production. In the end,

575:, and that there are also "counteracting factors" operating which had to be studied as well. The counteracting factors were factors that would normally raise the rate of profit. In his draft manuscript edited by 3600:

Thomas Weiß, The rate of return on capital in Germany – an empirical study. Paper presented at the 19th FMM Conference, "The Spectre of Stagnation? Europe in the World Economy", Berlin Steglitz, 22–24 October

1665:

capital-saving. Therefore, so the argument goes, it is impossible to infer definitely a theoretical principle that a falling rate of profit must always and inevitably result from an increase in productivity.

2103:

typically higher than the rate of interest, but lower than the gross profit rate on total enterprise capital (the latter rate which includes both distributed and undistributed profits, and tax). Hence, the

1791:

and H. D. Dickinson, was extensively criticized by Shane Mage in 1963. Mage's work provided the first sophisticated disaggregate analysis of official national accounts data performed by a Marxist scholar.

2812:

Kenji Mori, "Charasoff and Dmitriev: An Analytical Characterisation of Origins of Linear Economics". Discussion Paper No. 249. Graduate school of economics and management, Tohoku University, January 2010.

533:(i.e., physical output). In the long run, if demand remains the same and the more productive methods are adopted across the entire economy, the amount of labour required (as a ratio to capital, i.e. the 3356:. Cambridge: Cambridge University Press, 1990; James Poterba, "The rate of return to corporate capital and factor shares: new estimates using revised national income accounts and capital stock data". 1660:

How exactly the average industrial rate of profit will evolve is either uncertain and unpredictable, or it is historically contingent; it all depends on the specific configuration of costs, sales and

3543:

Jordà, Òscar, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor. "The rate of return on everything, 1870–2015." The Quarterly Journal of Economics 134, no. 3 (2019): 1225–1298.

643:'s TRPF theory, the falling tendency results from the growth of capital which is accompanied by increased competition. The growth of capital stock itself would drive down the average rate of profit. 3810: 1787:

began to tackle the problem in his 1952 book, the first major empirical analysis of long-term trends in profitability inspired by Marx was a 1957 study by Joseph Gillman. This study, reviewed by

1669:

going far beyond those which Marx specified. So there are tendencies and counter-tendencies operating simultaneously, and no particular empirical result necessarily and always follows from them.

429: 559:

It declined in the long run, Marx argued, paradoxically not because productivity decreased, but instead because it increased, with the aid of a bigger investment in equipment and materials.

3629:

No. 12, July 1987; Luci Ellis and Kathryn Smith, "The global upward trend in the profit share" Working paper, Monetary and Economic Department, Bank of International Settlements, July 2007.

3399: 493:

referred explicitly to the TRPF as an empirical phenomenon that demanded further theoretical explanation, although they differed on the reasons why the TRPF should necessarily occur.

1616:

of the progressive development of the social productivity of labor". Marx never denied that profits could contingently fall for all kinds of reasons, but he thought there was also a

1636:

stated: "Marx’s own proof of his law of the falling rate of profit errs principally in disregarding the mathematical relationship between the productivity of labour and the rate of

2815:

Eduardo Crespo and Marcus Cardoso, "The evolution of the theory of value from Dmitriev and Bortkiewicz to Charasoff" (Rio the Janeiro: Federal University of Rio the Janeiro, 2000).

1685:

produced by all production inputs, then he believes there is no reason why an increase in the ratio of capital to labor inputs should cause the overall rate of surplus to decline.

3589:

Adem Y. Elveren & Sara Hsu, "Military Expenditures and Profit Rates: Evidence from OECD Countries", Working Paper 374, Political Economy Research Institute, 2015, p. 3 et seq.

499:

stated that the theory of the TRPF "has been regarded, by most Marxists, as the backbone of revolutionary Marxism. According to this view, its refutation or removal would lead to

3496:

Minqi Li, Feng Xiao, Andong Zhu, "Long waves, institutional changes and historical trends: a study of the long-term movement of the profit rate in the capitalist world economy",

2112:

of rates of return on different types of business investment. Obviously, the more profit is distributed to shareholders, the less is available for reinvestment in the business,

521:, the value of a commodity is the medium amount of labour that is socially necessary to produce that commodity. Marx argued that technological innovation enabled more efficient 3457:; Michael Roberts. "Revisiting a world rate of profit". Paper for the 2015 Conference of the Association of Heterodox Economists, Southampton Solent University, July 2015. 3305:

Cf. Howard C Petith; "Meek, Dickinson and Marx's falling rate of profit". Barcelona : Economics Department discussion paper, Universitat Autònoma de Barcelona, 1997.

1632:

the average industrial rate of profit rather than lowering it, insofar as fewer workers can produce vastly more output at a lower cost, enabling more sales in less time.

4082: 4043: 3818: 422: 2530: 1806:

Various efforts have been conducted since the 1970s to empirically examine the TRPF. Studies supporting it include those by Michael Roberts, Themistoklis Kalogerakos,

1528:

It is also possible to construct an alternative Okishio-type model, in which the rising cost of land rents (or property rents) lowers the industrial rate of profit.

1520:

criticized the absence of fixed capital in Okishio's model, and therefore modified Okishio's model, to include the effect of fixed capital. He concluded though that:

4074: 4090: 2796: 415: 3483:

Technology, distribution, and long-run profit rate dynamics in the U.S. manufacturing sector, 1948–2011: evidence from a Vector Error Correction Model (VECM)

2116:

shareholders opt to reinvest their profits in the same business. In modern times, though, a very large chunk in the total distribution of stocks is held for

344: 1497:

argued in 1961, "if the newly introduced technique satisfies the cost criterion and the rate of real wage remains constant", then the rate of profit would

354: 1571:, Marx composed a mathematical manuscript where he deals at length with the case of rising profit-rates under an increasing value-composition of capital. 3901: 1469: 1133: 216: 3646: 2775: 2728:

Bob Rowthorn & Donald J. Harris, "The organic composition of capital and capitalist development". In: Stephen Resnick & Richard Wolff (eds.),

2176:, Berlin: Akademie Verlag 2006, p. 50. Lefteris Tsoulfidis & Dimitris Paitaridis, "Revisiting Adam Smith's theory of the falling rate of profit". 1961:, Chapter 6. Maurice Dobb, "The Sraffa system and critique of the neoclassical theory of distribution." In : E.K. Hunt & Jesse G. Schwartz, 3953: 1652:

has also argued that Marx did not adequately demonstrate that the rate of profit would fall when increases in productivity are taken into account.

2321:, "Demography and the falling rate of profit". Wake Forest University & Department of Computing Science, University of Glasgow, February 2007. 1873: 289: 1813:

From time to time, the research units of banks and government departments produce studies of profitability in various sectors of industry. The

1803:

Particularly in the late 1970s and early 1980s, there were concerns among non-Marxist economists that the profit rate could be really falling.

1613: 1152: 778: 202: 61: 25: 4019: 3443:; Thomas R. Michl, "Why is the Rate of Profit Still Falling?" New York: Jerome Levy Economics Institute, Working Paper no. 7, September 1988. 618:

The increase in the use of share capital by joint-stock companies, which devolves part of the costs of using capital in production on others.

3406: 1538: 4098: 3877: 3847: 3441: 1732:(1862–1863), he discusses the problem very clearly. His first attempt at a solution occurs in a letter to Engels, dated 2 August 1862. In 571:

Marx regarded the TRPF as a general tendency in the development of the capitalist mode of production. Marx maintained that it was only a

224: 3255:. Paris: Librairie du Recueil Sirey, 1948; C. Bettelheim, "Variation du taux de profit et accroissement de la productivité du travail." 3885: 3825: 3458: 3431: 2895: 1505:

By implication, the rate of profit could, in that case, fall if real wages rose in response to higher productivity, squeezing profits.

1331: 3294:

Ronald L. Meek, "The Falling Rate of Profit: Marx's Law and its Significance to Twentieth-century Capitalism, by Joseph M. Gillman."

1612:

criticized Ricardo's idea. Marx argued that, instead, the tendency of the rate of profit to fall is "an expression peculiar to the

3318:

The Law of the Falling Tendency of the Rate of Profit; Its Place in the Marxian Theoretical System and Relevance to the US Economy

1648:, because of the expansion of "reflexive labor" ("labor applied to itself with the aim of increasing the productivity of labor"). 3486: 2043:. New York: International Publishers, 1967 (orig. ed. 1894). Chapter 2, "The Rate of Profit", and chapter 13, "The Law as Such". 1772:). Stiebeling's analysis represented "almost certainly the first systematic use of statistical sources in Marxian value theory." 1462: 3576:

Basu, D., Vasudevan, R., "Technology, distribution and the rate of profit in the US economy: understanding the current crisis",

651:

There could also be several other factors involved in profitability which Marx and others did not discuss in detail, including:

3656: 1897:

and the "tendential fall of the rate of profit" (TFRP). The average rate of profit on production capital is usually written as

1604: 2139:, 2nd edition. Oxford: Basil Blackwell, 1991, pp. 270–273; David Hunkar, "Average Stock Holding Period on NYSE 1929 To 2016". 3946: 3719: 3557: 2992: 2581: 2144: 1054: 86: 33: 3643: 2442: 2064: 1841: 1171: 3590: 678:

Military wars or military spending causing capital assets to be inoperative or destroyed, or spurring war production (see

3469: 2172:

Michael Heinrich, "Begründungsprobleme. Zur Debatte über das Marxsche “Gesetz vom tendenziellen Fall der Profitrate", in

793: 76: 2715:

Michael Heinrich, "Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx’s Studies in the 1870s",

1738:(1867) he noted that "many intermediate terms" were still needed in his progressing narrative, to arrive at the answer. 4000: 3516: 3368:. Princeton, N.J.: Princeton University Press 2002; Paul Gomme et al., "The return to capital and the business cycle." 1455: 4058: 2423: 873: 229: 3625:

For example, Palle S. Andersen, "Profit shares, investment and output capacity." Bank of International Settlements,

1424: 2702:. Cambridge: Polity Press, 1976, p. 56 and Jürgen Habermas & Boris Frankel, "Habermas talking: an interview", 3938: 1644:

argued in 1973–74 that the TRPF might have existed in 19th century liberal capitalism, but no longer existed in

2398: 1814: 1322: 908: 853: 672: 534: 106: 3221:. London: Routledge, 2011, chapter 7; Jelle Versieren, "Eugen Varga and the Calamity of Stalinist Economics." 2742: 2387:. New York, London: McGraw-Hill Book Co. pp. 67–70<Chapter IV Secular Stagnation by Alvin Sweeny.> 2322: 2286:, Vol. 1, 1971 (Bombay: Thacker & Co.). Reprint as: "Agricultural Revolution and Industrial Revolution", 1858: 1800:

There have been a number of non-Marxist empirical studies of the long-term trends in business profitability.

1438: 803: 552: 518: 379: 81: 4156: 888: 702:

Substituted natural resource inputs, or marginal increased cost of non-substituted natural resource inputs.

4117: 4027: 3337:. Paris: OECD, 1979; James H. Chan-Lee and Helen Sutch, "Profits and rates of return in OECD countries", 1696: 1414: 1349: 1160: 923: 627:

of the conceivable counteracting factors could stem the tendency toward falling profits from production.

3389:#109, July 1973, pp. 17–30; Martin Feldstein & Lawrence Summers, "Is the rate of profit falling?". 2510:

Bill Gibson & Hadi Esfahani, "Nonproduced means of production: neo-Ricardians vs. Fundamentalists".

4161: 4035: 3454:

Michael Roberts, "A world rate of profit". Paper presented to AHE/IPPE/WEA Conference, Paris July 2012

2903: 2788: 2784: 1404: 1193: 1048: 734: 171: 4125: 3909: 3862: 3712: 3303: 2780: 2770: 1716: 1633: 1179: 1043: 848: 707: 274: 2531:"Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx's Studies in the 1870s" 2482:, 7, 1961, p. 92. Shalom Groll & Ze'ev Orzech, "From Marx to the Okishio theorem: a genealogy". 2413: 2315: 1703:

with the reality of the distribution of capital and profits, a problem that had already preoccupied

3670: 3178: 3176: 898: 656: 3528:"Is there a tendency for the rate of profit to fall? Econometric evidence for the U.S., 1948–2007" 3364:. London: London Business School and ABN AMRO, 2000; Elroy Dimson, Paul Marsh, and Mike Staunton, 2754: 1688: 719: 3992: 3931: 3917: 3870: 3775: 3175:. New York: John Heinrich, 1890. See the German Knowledge article on Georg Christian Stiebeling. 1868: 1762: 1565: 1344: 918: 893: 783: 339: 111: 101: 1817:

releases company profitability statistics every quarter, showing increasing profits. In the UK,

3976: 3833: 3767: 3613: 3527: 2791:. This article was translated into English in 1952 as "Value and Price in the Marxian System", 2044: 1399: 1379: 1067: 1013: 903: 813: 679: 490: 349: 166: 3924: 3759: 3444: 2674: 2107:

the proportion of distributed profits (dividends) to shareholders in total gross profit, the

1692: 1681: 1112: 1008: 823: 609: 161: 2928: 2745:, Journal of the History of Economic Thought, Volume 15, Issue 1, Spring 1993, pages 107–121 772: 4066: 3705: 2856: 2813: 1488: 1018: 998: 878: 868: 584: 3697: 3436:. Jeffrey D. Sachs, "Wages, profits, and macroeconomic adjustment: a comparative study." 466:—decreases over time. This hypothesis gained additional prominence from its discussion by 314: 8: 3984: 3855: 3840: 3167: 2851: 2645: 2266: 2159: 2123: 2085: 1419: 1384: 1359: 1003: 988: 913: 838: 828: 788: 768: 595: 522: 472: 463: 304: 284: 71: 3794: 3329:

For example, J. L. Walker, "Estimating companies’ rate of return on capital employed".

3298:, Vol. 69 No. 273, March 1959, pp. 132–134. H. D. Dickinson, "Falling rate of profit". 2920: 2873: 2392: 2382: 1780: 1354: 1261: 1097: 863: 843: 671:

Capital investment into areas of (previously) non-capitalist production, where a lower

529:

would increase as a result, allowing the early adopting capitalists to produce greater

359: 91: 2981: 2695: 1641: 688:

Advances in technology and technological revolutions which rapidly reduce input costs.

269: 4133: 3602: 3425: 3090: 2988: 2854:(June 1948). "Value and Prices: A Solution of the So-Called Transformation Problem". 2587: 2577: 2419: 1990: 1974: 1734: 1409: 1394: 1241: 1221: 1102: 1077: 1028: 858: 742: 668:

Taxes, levies, subsidies and credit policies of governments, interest and rent costs.

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Barkai, Simcha. "Declining labor and capital shares." The Journal of Finance (2016).

3552:

Marcelo Resende, "Profit rate in the US, 1949–2007: a Markov switching assessment".

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M. Panic & R. E. Close, "Profitability of British manufacturing industry".

3360:, Vol. 48, June 1998, pp. 211–246; Elroy Dimson, Paul Marsh, and Mike Staunton, 1246: 655:

Reductions in the turnover time of industrial capital generally (and especially

2658: 2318: 1941:(1848), Book 4, Chapter 4. Bela A. Balassa, "Karl Marx and John Stuart Mill." 1788: 1517: 1443: 1339: 1216: 1211: 1033: 933: 883: 808: 548: 459: 334: 294: 3684: 3236:

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Francisco Verdera, "Adam Smith on the falling rate of profit: a reappraisal."

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The use of credit instruments to reduce capital costs for new production.

591: 279: 210: 116: 3352:. Cambridge: Cambridge University Press, 1986; Dennis C. Mueller, (ed.) 2839:

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615:

Foreign trade reducing the cost of industrial inputs and consumer goods.

3893: 3346:

Measuring profitability and capital costs : an international study

2924: 2877: 2610: 2251: 1910: 1834: 1728:(1859), he referred to it, and announced his intention to solve it. In 1708: 1677: 1583: 1146: 958: 665:

The level of price inflation for different types of goods and services.

640: 478: 196: 136: 131: 126: 3348:. Lexington, Mass. : Lexington Books, c1984.; Dennis C. Mueller, 3729: 3638:

Angela Monaghan, "UK companies at their most profitable since 1998".

3162: 3125: 3085: 2487: 2154: 2080: 2032: 1609: 1201: 943: 752: 530: 500: 467: 384: 249: 45: 3253:

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2916: 2869: 2773:, "Wertrechnung und Preisrechnung im Marxschen System", in: 1906/7, 1995:

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1807: 3645:

The ONS quarterly data are titled "Profitability of UK companies".

3455: 3063:, Part 3, chapter 20 (Moscow: Progress Publishers, 1971, p. 69-71. 3802: 3499: 1874:

Steady-state economy: the stationary state in classical economics

1714:

Marx was already aware of this theoretical problem when he wrote

1389: 3366:

Triumph of the Optimists: 101 Years of Global Investment Returns

1620:

reason for the TRPF, regardless of current market fluctuations.

3616:, Munich Personal RePEc Archive, 5/06/2017, accessed 19/03/2018 1997:. Amsterdam: Elsevier, 2015, 2nd edition, Vol. 19, pp. 111–116. 2801:

Karl Marx and the Close of his System by Eugen von Bohm Bawerk

2730:

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regardless of market fluctuations or financial constructions.

3393:, 1, 1977; William Nordhaus, "The falling share of profits". 3354:

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3219:

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3819:

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3727: 3515:. Masters thesis, University of Tennessee, Knoxville, 2007. 2826:

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2573:

An introduction to the three volumes of Karl Marx's Capital

2639: 2637: 4075:

The Origin of the Family, Private Property, and the State

2524: 2522: 2520: 3109:

Themes in Pre-Classical, Classical and Marxian Economics

2709: 2021:

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A Contribution to the History of Primitive Christianity

2634: 1628:

By raising productivity, labor-saving technologies can

2576:. Alexander Locascio. New York: Monthly Review Press. 2565: 2563: 2517: 2501:. Cambridge: Cambridge University Press, 1981, p. 132. 3358:

Carnegie-Rochester Conference Series on Public Policy

3339:

OECD Economic and Statistics Department Working Paper

3153:. Washington Square: New York University Press, 1958. 1833:. In the US, Yardeni Research provides a briefing on 1760:

criticism included two open letters submitted to the

3362:

The Millennium Book, A century of Investment Returns

2224:, ´´Late Capitalism´´. London: NLB, 1975, chapter 7. 3902:

A Contribution to the Critique of Political Economy

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Marx's Economics: A Dual Theory of Value and Growth

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On the Principles of Political Economy and Taxation

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A Contribution to the Critique of Political Economy

462:—the ratio of the profit to the amount of invested 3192:, Vol. 1. Princeton University Press, 1989, p. 29. 2980: 2008:After Marx and Sraffa. Essays in political economy 1981:. Harmondsworth, Penguin Books, 1970, pp. 243–244. 1587:, one which is not taken up in Marx's later work. 3498:Journal of World System Research, Number 1, 2007. 3376:. Zurich: Credit Suisse Research Institute, 2018. 2499:Analytical Foundations of Marxian Economic Theory 1512: 608:The growth of a relative surplus population (the 4148: 3485:. Master's Thesis, Lund University, August 2014. 3374:Credit Suisse Global Investment Returns Yearbook 3107:remained unfinished". In: William Barber (ed.), 2850: 2608:, Vol. 39, No. 1, February 1992; cf. Karl Marx, 583:More intense exploitation of labor (raising the 3682:Yardeni stock market briefing on profit margins 3206:The Great Crisis and its Political Consequences 2776:Archiv für Sozialwissenschaft und Sozialpolitik 2661:, "The Falling Rate of Profit", in R. L. Meek, 2051:, chapter 8. Princeton University Press, 1980). 662:Accelerated depreciation and faster throughput. 3270:Maturity and stagnation in American Capitalism 2761:. London, T.F. Unwin, 1898 (various reprints). 2418:. London: Earthscans Publications. p. 4. 2369:Maturity and Stagnation in American Capitalism 699:(shipping, trucking, railfreight, airfreight). 504:thereby engender periodic or secular crises." 4020:The Condition of the Working Class in England 3954:Marx's notebooks on the history of technology 3713: 3470:"UK profit rate and British economic history" 3372:, Vol. 14, Issue 2, April 2011, pp. 262–278; 3111:. Aldershot: Edward Elgar, 1991, pp. 119–133. 2890: 2681:, no 2, 1952. London: MacMillan, 1952, p. 73. 2629:The Works and Correspondence of David Ricardo 2478:, "Technical Change and the Rate of Profit", 2415:Turning Point: The end of the Growth Paradigm 1463: 423: 4099:Revolution and Counter-Revolution in Germany 3848:Economic and Philosophic Manuscripts of 1844 3526:Deepankar Basu & Panayiotis Manolakos, 3513:The Falling Rate of Profit Thesis Reassessed 3251:. Paris : P.U.F., 1947; C. Bettelheim, 2978: 2514:, vol. 15, issue 2, summer 1983, pp. 83–105. 2449:. Fontana, 1983; M.C. Howard and J.E. King, 1959:Principles of Political Economy and Taxation 2677:, "Value and Price in the Marxian System". 2466:. New York: St. Martin’s Press, 1983, p. 3. 2453:(2 vols). Princeton University Press, 1989. 1925:, Vol. 14, No. 2, Summer 1982, pp. 178–198. 225:Outlines of a Critique of Political Economy 3886:The Eighteenth Brumaire of Louis Bonaparte 3720: 3706: 3333:(London: HMSO), November 1974; T.P. Hill, 3171:, Penguin 1981, p. 110. G. C. Stiebeling, 3024:. London: Chapman & Hall, 1977, p. 99. 3011:. London: Chapman & Hall, 1977, p. 98. 2965:Michio Morishima & George Catephores, 2010:. New York: St Martin's Press, 1991, p.28. 1470: 1456: 430: 416: 3249:Bilan de l'économie française (1919–1946) 2178:International Journal of Social Economics 1707:– who himself inherited the problem from 725: 3878:The Class Struggles in France, 1848–1850 3320:. Phd Thesis, Columbia University, 1963. 2694:. London: Sage, 1979, p. 61, 125f. See: 2569: 2528: 1993:, "Profits", in: James D. Wright (ed.), 1672: 1544: 3826:Critique of Hegel's Philosophy of Right 3272:. New York: Monthly Review Press, 1952. 3120:Marx, "Letter to Engels, 31 May 1873". 2663:Economics and Ideology and Other Essays 2631:. Vol. I. Cambridge, 1951, pp. 289–300. 2371:. New York: Monthly Review Press, 1952. 2290:, vol. 34, No. 2 (February 1973), 6–13. 1892:It is also referred to by Marx as the " 1724:(1858). At the end of chapter 1 of his 1720:(1847). It gets a mention again in the 634: 4149: 3430:: CS1 maint: archived copy as title ( 2803:(New York: Kelley, 1949), pp. 199–221. 2732:. New York: Autonomedia, 1985, p. 356. 2486:, Vol. 21, Issue 2, 1989, pp. 253–272. 2380: 590:Reduction of wages below the value of 507: 444:tendency of the rate of profit to fall 3947:Mathematical manuscripts of Karl Marx 3701: 3532:Review of Radical Political Economics 3438:Brookings papers of economic activity 3395:Brookings papers on Economic Activity 3391:Brookings Papers on Economic Activity 3223:Critique: Journal of Socialist Theory 2759:Karl Marx and the Close of his System 2606:Scottish Journal of Political Economy 2512:Review of Radical Political Economics 2411: 2180:, Vol. 39 issue 5, 2012, pp. 304–313. 1741: 3208:. London: Modern Books Limited, 1935 3136:. London: New Park, 1983, p. 176 or 3076:. London, New Park, 1983, pp. 74–78. 3050:. Moscow: Progress Publishers, 1971. 2837:Richard B. Day and Daniel F. Gaido, 2828:. Abingdon: Routledge, 2005, p. 42f. 2623:Heinrich, p. 51. See David Ricardo, 1482: 566: 2956:. Cambridge University Press, 1973. 1840:trends, including comparisons with 1531: 646: 13: 4001:The Civil War in the United States 3173:Das Werthgesetz und die Profitrate 3072:Karl Marx & Frederick Engels, 2719:, Volume 64, Issue 11, April 2013. 2692:Habermas and Marxism: an appraisal 2529:Heinrich, Michael (1 April 2013). 14: 4173: 4059:Socialism: Utopian and Scientific 3225:, Volume 41 Issue 1, 31 May 2013. 2665:(London: Chapman and Hall, 1967). 2355:. London: NLB, 1975, p. 542, 577. 2023:. London: Pluto Press, 1994, p.1. 695:, the national and international 230:Time, Labor and Social Domination 2240:. London: NLB, 1975, chapter 13. 1537:This section is an excerpt from 751: 44: 3939:Critique of the Gotha Programme 3675: 3661: 3650: 3632: 3619: 3606: 3594: 3583: 3570: 3561: 3546: 3537: 3520: 3505: 3490: 3475: 3462: 3448: 3379: 3323: 3310: 3288: 3275: 3262: 3241: 3228: 3211: 3195: 3188:M. C. Howard & J. E. King, 3182: 3156: 3143: 3114: 3097: 3079: 3066: 3053: 3040: 3027: 3014: 3001: 2972: 2959: 2946: 2884: 2844: 2831: 2818: 2806: 2764: 2748: 2735: 2722: 2706:, I, 1974, pp. 37–58, at p. 50. 2684: 2668: 2652: 2617: 2598: 2504: 2491: 2480:Kobe University Economic Review 2469: 2456: 2432: 2405: 2374: 2358: 2342: 2339:. London: NLB, 1975, chapter 6. 2326: 2309: 2306:. London: NLB, 1975, chapter 9. 2293: 2258: 2243: 2227: 2215: 2212:. London: NLB, 1975, chapter 7. 2199: 2183: 2166: 2148: 2137:A Dictionary of Marxist Thought 2092: 2074: 2054: 1979:The Theory of Political Economy 1939:Principles of Political Economy 1783:already studied the topic, and 1623: 16:Hypothesis in Marxist economics 3657:EY Profit Warning Stress Index 3578:Cambridge Journal of Economics 3285:. London, Dennis Dobson, 1957. 3190:A History of Marxian Economics 2967:Value, exploitation and growth 2841:. Leiden: Brill, October 2017. 2451:A history of Marxian economics 2288:International Socialist Review 2278:. Berlin: Malik-Verlag, 1926; 2098:Marx regarded dividends as an 2026: 2013: 2000: 1984: 1968: 1948: 1928: 1904: 1886: 1815:Office for National Statistics 1746: 1680:argues that if you assume the 1655: 1591: 1513:Criticism to Okishio's Theorem 909:Socially necessary labour time 854:Organic composition of capital 673:organic composition of capital 535:organic composition of capital 107:Socially necessary labour time 1: 3238:, Paris: P.U.F., 1946, p. 45. 2793:International Economic Papers 2679:International Economic Papers 2131:, "Joint-stock company", in: 2127:, Penguin 1981, pp. 347–348; 1963:A Critique of Economic Theory 1945:, Bd. 83 (1959), pp. 147–165. 1879: 1859:Critique of political economy 1795: 1614:capitalist mode of production 1136:Critique of Political Economy 804:Critique of political economy 779:Capitalist mode of production 525:. In the short run, physical 519:critique of political economy 477:but economists as diverse as 380:Critique of political economy 219:Critique of Political Economy 82:Critique of political economy 62:Capitalist mode of production 2969:. London: McGraw-Hill, 1978. 2896:"The Transformation Problem" 2547:10.14452/MR-064-11-2013-04_2 2484:History of Political Economy 2089:, Penguin ed. 1981, p. 339f. 1965:. Penguin, 1972, p. 211–213. 1923:History of Political Economy 1063:Falling profit-rate tendency 914:Socialist mode of production 889:Real prices and ideal prices 794:Concrete and abstract labuor 612:) which remained unemployed. 553:Social Reform or Revolution? 512: 177:Falling profit-rate tendency 77:Concrete and abstract labour 7: 4118:Marx/Engels Collected Works 3556:, Volume 25, Issue 9, 2018. 3534:, Vol. 45, 2012, pp. 76–91. 3472:, 2015, accessed 21/03/2018 3397:, No. 1, 1974, pp. 169–217. 3370:Review of Economic Dynamics 3335:Profits and rates of return 3302:I/1, January–February 1960. 3138:Marx Engels Collected Works 2381:Harris, Seymour E. (1943). 2163:, Penguin ed. 1981, p. 356. 1943:Weltwirtschaftliches Archiv 1847: 1823:Profit Warning Stress Index 1697:Vladimir Karpovich Dmitriev 1415:Schools of economic thought 1350:Real-World Economics Review 1161:The Accumulation of Capital 924:Simple commodity production 691:Particularly in the era of 601:Cheapening the elements of 551:, in her 1899 pamphlet 10: 4178: 4036:The Peasant War in Germany 3481:Themistoklis Kalogerakos, 3440:, No.2, 1979, pp. 269–319 3344:; Daniel M. Holland (ed.) 3283:The Falling Rate of Profit 3124:Vol. 33, p. 821. English: 2904:Review of Economic Studies 2627:. In: Piero Sraffa (ed.), 2570:Heinrich, Michael (2012). 2464:Profits in economic theory 2447:Marx – the First 100 Years 2397:: CS1 maint: postscript ( 2069:Marx – the First 100 Years 1711:, yet failed to solve it. 1536: 1486: 1405:Perspectives on capitalism 1345:New School Economic Review 1153:Economic and Philosophical 1049:Technological unemployment 579:, Marx cited six of them: 340:New School Economic Review 203:Economic and Philosophical 172:Technological unemployment 4126:Marx-Engels-Gesamtausgabe 4109: 4011: 3966: 3910:Theories of Surplus Value 3863:The Poverty of Philosophy 3786: 3747: 3740: 3554:Applied Economics Letters 3061:Theories of Surplus Value 3037:. Penguin, 1973, p. 560f. 2771:Ladislaus von Bortkiewicz 2412:Ayres, Robert U. (1998). 2384:Postwar Economic Problems 2174:Marx-Engels-Jahrbuch 2006 1730:Theories of Surplus Value 1717:The Poverty of Philosophy 1634:Ladislaus von Bortkiewicz 1044:Technological determinism 708:secular stagnation theory 458:, according to which the 3858:" (1845, published 1888) 3511:John Hamilton Bradford, 3022:Smith, Marx, & After 3009:Smith, Marx, & After 2789:XXV-2 (1907) pp. 445–488 2270:, Penguin 1981, p. 320. 2049:Capital and exploitation 1821:(EY) nowadays provide a 1332:International Journal of 657:fixed capital investment 4028:Principles of Communism 3993:The Communist Manifesto 3932:The Civil War in France 3918:Value, Price and Profit 3871:Wage Labour and Capital 3776:Das Kapital, Volume III 3580:, 37, 2013, pp. 57–89. 3350:Profits in the Long Run 3094:, Penguin 1976, p. 421. 2781:XXIII-1 (1906) pp. 1–50 2649:, Penguin 1981, p. 319. 2614:, Penguin 1973, p. 751. 2255:, Penguin 1973, p. 751. 1869:Internal rate of return 1763:New Yorker Volkszeitung 1695:(himself influenced by 1425:Critiques of capitalism 894:Relations of production 102:Relations of production 3988:(1845, published 1932) 3897:(1857, published 1939) 3851:(1844, published 1932) 3834:On the Jewish Question 3829:(1843, published 1927) 3768:Das Kapital, Volume II 3668:Profit Watch UK Report 3103:Zoltan Kenessey, "Why 2785:XXV-1 (1907) pp. 10–51 1917:, Chapter 9. See also 1831:Profit Watch UK Report 1825:for quoted companies. 1550: 1526: 1400:Neoclassical economics 1380:Evolutionary economics 1174:Capitalist Development 1068:Transformation problem 1055:Temporal single-system 1014:Historical materialism 904:Reserve army of labour 874:Primitive accumulation 824:Labour theory of value 726:Dispute over existence 680:permanent arms economy 545: 491:William Stanley Jevons 450:) is a theory in the 350:Historical Materialism 167:Historical materialism 3925:The Belgian Massacres 3913:(three volumes, 1862) 3760:Das Kapital, Volume I 2979:Ian Steedman (1977). 2755:Eugen von Böhm-Bawerk 2675:Ladislaus Bortkiewicz 2006:Geoffrey M. Hodgson, 1915:The Wealth of Nations 1693:Ladislaus Bortkiewicz 1689:Eugen Böhm von Bawerk 1682:labor theory of value 1673:Labor theory of value 1549:Heinrich in June 2018 1548: 1522: 1134:A Contribution to the 1113:Neo-Marxian economics 610:reserve army of labor 540: 217:A Contribution to the 132:Wertabspaltungskritik 4067:Dialectics of Nature 3412:on 24 September 2015 3296:The Economic Journal 3234:e.g. C. Bettelheim, 2987:. Humanities Press. 2857:The Economic Journal 2196:. London: NLB, 1975. 2141:Topforeignstocks.com 2039:, vol. 3, edited by 2019:Stephen Cullenberg, 1566:the third volume of 1323:Cambridge Journal of 999:Economic determinism 879:Rate of exploitation 869:Prices of production 685:Demographic factors. 635:Capital stock growth 585:rate of exploitation 4157:Classical economics 3985:The German Ideology 3856:Theses on Feuerbach 3841:Notes on James Mill 3642:, 14 November 2014. 3168:Capital, Volume III 2700:Legitimation Crisis 2646:Capital, Volume III 2441:, "Economics", in: 2317:Allin Cottrell and 2267:Capital, Volume III 2160:Capital, Volume III 2124:Capital, Volume III 2086:Capital, Volume III 2063:, "Economics", in: 1493:Japanese economist 1420:Socialist economics 1385:Classical economics 1360:Science and Society 1155:Manuscripts of 1844 1004:Immiseration thesis 989:Capital controversy 849:Monopoly capitalism 839:Means of production 829:Law of accumulation 596:immiseration thesis 523:means of production 508:Causal explanations 473:Capital, Volume III 360:Capital & Class 345:Crisis and Critique 305:Hans-Georg Backhaus 285:Claus Peter Ortlieb 205:Manuscripts of 1844 87:Means of production 35:Marxian critique of 4102:(1896, posthumous) 3795:Scorpion and Felix 3779:(1894, posthumous) 3771:(1885, posthumous) 3627:BIS Working Papers 3468:Roberts, Michael, 3387:Lloyds Bank Review 3140:, Vol. 44, p. 504. 3134:Letters on Capital 3074:Letters on Capital 2952:Michio Morishima, 2704:Theory and society 2143:, 1 October 2017. 1991:Aspromourgos, Tony 1781:Charles Bettelheim 1742:Empirical research 1551: 1355:Rethinking Marxism 1262:Nikolai Kondratiev 1098:Analytical Marxism 844:Mode of production 718:Michael C. Howard 355:Socialist register 92:Mode of production 4162:Marxian economics 4144: 4143: 4134:Karl Marx Library 3962: 3961: 3122:Marx-Engels Werke 3091:Capital, Volume I 2994:978-0-902308-49-7 2983:Marx after Sraffa 2583:978-1-58367-291-4 2276:Der imperialismus 1975:W. Stanley Jevons 1819:Ernst & Young 1735:Capital, Volume I 1489:Okishio's theorem 1483:Okishio's theorem 1480: 1479: 1410:Political economy 1395:Marxist sociology 1334:Political Economy 1242:Antonie Pannekoek 1222:Rudolf Hilferding 1103:Classical Marxism 1029:Overdetermination 1019:Okishio's theorem 859:Productive forces 744:Marxian economics 605:by various means. 567:Countertendencies 470:in Chapter 13 of 456:political economy 440: 439: 390:Marxist sociology 315:Hans-Jürgen Krahl 97:Productive forces 37:political economy 4169: 3745: 3744: 3734:Friedrich Engels 3722: 3715: 3708: 3699: 3698: 3689: 3679: 3673: 3665: 3659: 3654: 3648: 3636: 3630: 3623: 3617: 3610: 3604: 3598: 3592: 3587: 3581: 3574: 3568: 3565: 3559: 3550: 3544: 3541: 3535: 3524: 3518: 3509: 3503: 3494: 3488: 3479: 3473: 3466: 3460: 3452: 3446: 3435: 3429: 3421: 3419: 3417: 3411: 3405:. 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Meek 2651: 2633: 2616: 2597: 2582: 2559: 2535:Monthly Review 2516: 2503: 2490: 2468: 2455: 2443:David McLellan 2431: 2424: 2404: 2373: 2357: 2341: 2325: 2319:Paul Cockshott 2308: 2292: 2257: 2242: 2226: 2214: 2198: 2182: 2165: 2147: 2091: 2073: 2065:David McLellan 2053: 2025: 2012: 1999: 1983: 1967: 1947: 1927: 1903: 1884: 1883: 1881: 1878: 1877: 1876: 1871: 1866: 1861: 1856: 1849: 1846: 1829:publishes the 1797: 1794: 1789:Ronald L. Meek 1779:and the young 1748: 1745: 1743: 1740: 1674: 1671: 1662:profit margins 1657: 1654: 1625: 1622: 1593: 1590: 1543: 1535: 1533: 1530: 1518:John E. Roemer 1514: 1511: 1487:Main article: 1484: 1481: 1478: 1477: 1475: 1474: 1467: 1460: 1452: 1449: 1448: 1447: 1446: 1444:Marxism portal 1441: 1433: 1432: 1428: 1427: 1422: 1417: 1412: 1407: 1402: 1397: 1392: 1387: 1382: 1376: 1375: 1373:Related topics 1372: 1371: 1368: 1367: 1363: 1362: 1357: 1352: 1347: 1342: 1340:Monthly Review 1337: 1330: 1328: 1321: 1318: 1317: 1314: 1313: 1310: 1309: 1305: 1304: 1302:Michał Kalecki 1299: 1294: 1289: 1284: 1279: 1274: 1269: 1264: 1259: 1254: 1249: 1244: 1239: 1234: 1229: 1224: 1219: 1217:Rosa Luxemburg 1214: 1212:Vladimir Lenin 1209: 1204: 1198: 1197: 1192: 1191: 1188: 1187: 1183: 1182: 1177: 1170: 1168: 1163: 1158: 1151: 1149: 1144: 1139: 1132: 1129: 1128: 1125: 1124: 1121: 1120: 1116: 1115: 1110: 1105: 1100: 1094: 1093: 1090: 1089: 1086: 1085: 1081: 1080: 1075: 1070: 1065: 1060: 1057:interpretation 1053: 1051: 1046: 1041: 1036: 1034:Overproduction 1031: 1026: 1021: 1016: 1011: 1006: 1001: 996: 991: 985: 984: 981: 980: 977: 976: 972: 971: 966: 961: 956: 951: 946: 941: 936: 934:Surplus labour 931: 926: 921: 916: 911: 906: 901: 896: 891: 886: 884:Rate of profit 881: 876: 871: 866: 861: 856: 851: 846: 841: 836: 831: 826: 821: 816: 811: 809:Exchange value 806: 801: 796: 791: 786: 781: 776: 765: 764: 761: 760: 757: 756: 748: 747: 739: 738: 727: 724: 715: 714: 711: 703: 700: 689: 686: 683: 676: 669: 666: 663: 660: 648: 645: 636: 633: 632: 631: 620: 619: 616: 613: 606: 599: 588: 568: 565: 549:Rosa Luxemburg 539: 514: 511: 509: 506: 460:rate of profit 438: 437: 435: 434: 427: 420: 412: 409: 408: 407: 406: 398: 397: 393: 392: 387: 382: 376: 375: 373:Related topics 372: 371: 368: 367: 363: 362: 357: 352: 347: 342: 337: 335:Monthly Review 331: 330: 327: 326: 323: 322: 318: 317: 312: 307: 298: 297: 295:Moishe Postone 292: 287: 282: 277: 272: 267: 262: 257: 252: 246: 245: 242: 241: 238: 237: 233: 232: 227: 222: 215: 213: 208: 201: 199: 193: 192: 189: 188: 185: 184: 180: 179: 174: 169: 164: 159: 153: 152: 149: 148: 145: 144: 140: 139: 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2206:Ernest Mandel 2202: 2195: 2191: 2190:Ernest Mandel 2186: 2179: 2175: 2169: 2162: 2161: 2156: 2151: 2145: 2142: 2138: 2134: 2133:Tom Bottomore 2130: 2129:Ernest Mandel 2126: 2125: 2119: 2115: 2110: 2106: 2101: 2095: 2088: 2087: 2082: 2077: 2070: 2066: 2062: 2061:Ernest Mandel 2057: 2050: 2046: 2042: 2038: 2034: 2029: 2022: 2016: 2009: 2003: 1996: 1992: 1987: 1980: 1976: 1971: 1964: 1960: 1956: 1955:David Ricardo 1951: 1944: 1940: 1936: 1931: 1924: 1920: 1916: 1912: 1907: 1900: 1895: 1889: 1885: 1875: 1872: 1870: 1867: 1865: 1862: 1860: 1857: 1855: 1854:Crisis theory 1852: 1851: 1845: 1843: 1839: 1838:profit margin 1836: 1832: 1828: 1824: 1820: 1816: 1811: 1809: 1804: 1801: 1793: 1790: 1786: 1785:Josef Steindl 1782: 1778: 1773: 1771: 1770: 1769:Die Neue Zeit 1765: 1764: 1758: 1753: 1739: 1737: 1736: 1731: 1727: 1723: 1719: 1718: 1712: 1710: 1706: 1705:David Ricardo 1702: 1698: 1694: 1690: 1686: 1683: 1679: 1670: 1666: 1663: 1653: 1651: 1647: 1643: 1639: 1638:surplus value 1635: 1631: 1621: 1619: 1615: 1611: 1607: 1606: 1600: 1598: 1597:David Ricardo 1586: 1585: 1579: 1578: 1572: 1570: 1569: 1562: 1561:surplus-value 1557: 1554:long-lasting 1547: 1540: 1529: 1525: 1521: 1519: 1510: 1506: 1502: 1500: 1496: 1495:Nobuo Okishio 1490: 1473: 1468: 1466: 1461: 1459: 1454: 1453: 1451: 1450: 1445: 1442: 1440: 1437: 1436: 1435: 1434: 1426: 1423: 1421: 1418: 1416: 1413: 1411: 1408: 1406: 1403: 1401: 1398: 1396: 1393: 1391: 1388: 1386: 1383: 1381: 1378: 1377: 1370: 1369: 1361: 1358: 1356: 1353: 1351: 1348: 1346: 1343: 1341: 1338: 1335: 1329: 1326: 1320: 1319: 1312: 1311: 1303: 1300: 1298: 1295: 1293: 1292:Paul A. Baran 1290: 1288: 1287:David Laibman 1285: 1283: 1280: 1278: 1275: 1273: 1272:Nobuo Okishio 1270: 1268: 1265: 1263: 1260: 1258: 1255: 1253: 1252:Andrew Kliman 1250: 1248: 1245: 1243: 1240: 1238: 1237:Ernest Mandel 1235: 1233: 1230: 1228: 1225: 1223: 1220: 1218: 1215: 1213: 1210: 1208: 1205: 1203: 1200: 1199: 1195: 1190: 1189: 1181: 1178: 1175: 1172:The Theory of 1169: 1167: 1164: 1162: 1159: 1156: 1150: 1148: 1145: 1143: 1140: 1137: 1131: 1130: 1123: 1122: 1114: 1111: 1109: 1106: 1104: 1101: 1099: 1096: 1095: 1088: 1087: 1079: 1076: 1074: 1071: 1069: 1066: 1064: 1061: 1058: 1052: 1050: 1047: 1045: 1042: 1040: 1037: 1035: 1032: 1030: 1027: 1025: 1022: 1020: 1017: 1015: 1012: 1010: 1007: 1005: 1002: 1000: 997: 995: 994:Crisis theory 992: 990: 987: 986: 979: 978: 970: 967: 965: 964:Value product 962: 960: 957: 955: 952: 950: 947: 945: 942: 940: 937: 935: 932: 930: 929:Surplus value 927: 925: 922: 920: 919:Socialization 917: 915: 912: 910: 907: 905: 902: 900: 897: 895: 892: 890: 887: 885: 882: 880: 877: 875: 872: 870: 867: 865: 862: 860: 857: 855: 852: 850: 847: 845: 842: 840: 837: 835: 832: 830: 827: 825: 822: 820: 817: 815: 812: 810: 807: 805: 802: 800: 797: 795: 792: 790: 787: 785: 784:Class process 782: 780: 777: 774: 770: 767: 766: 759: 758: 754: 750: 749: 746: 741: 740: 736: 732: 731: 723: 720: 712: 709: 704: 701: 698: 694: 693:globalization 690: 687: 684: 681: 677: 674: 670: 667: 664: 661: 658: 654: 653: 652: 644: 642: 630: 629: 628: 626: 617: 614: 611: 607: 604: 600: 597: 593: 589: 586: 582: 581: 580: 578: 574: 564: 560: 556: 554: 550: 544: 538: 536: 532: 528: 524: 520: 505: 502: 498: 494: 492: 488: 487:David Ricardo 484: 480: 476: 474: 469: 465: 461: 457: 453: 452:crisis theory 449: 445: 433: 428: 426: 421: 419: 414: 413: 411: 410: 405: 402: 401: 400: 399: 391: 388: 386: 383: 381: 378: 377: 370: 369: 361: 358: 356: 353: 351: 348: 346: 343: 341: 338: 336: 333: 332: 325: 324: 316: 313: 311: 308: 306: 303: 302: 301: 296: 293: 291: 290:Geoff Pilling 288: 286: 283: 281: 278: 276: 273: 271: 268: 266: 263: 261: 260:Paul Lafargue 258: 256: 253: 251: 248: 247: 240: 239: 231: 228: 226: 223: 220: 214: 212: 209: 206: 200: 198: 195: 194: 187: 186: 178: 175: 173: 170: 168: 165: 163: 160: 158: 157:Crisis theory 155: 154: 147: 146: 138: 135: 133: 130: 128: 125: 123: 120: 118: 115: 113: 112:Socialization 110: 108: 105: 103: 100: 98: 95: 93: 90: 88: 85: 83: 80: 78: 75: 73: 70: 68: 65: 63: 60: 59: 52: 51: 47: 43: 42: 39: 32: 31: 27: 23: 22: 19: 4132: 4129:(1975–today) 4124: 4116: 4097: 4089: 4081: 4073: 4065: 4057: 4051:Anti-Dühring 4049: 4034: 4026: 4018: 3999: 3991: 3983: 3975: 3945: 3937: 3908: 3900: 3892: 3884: 3876: 3861: 3846: 3824: 3809: 3801: 3793: 3774: 3766: 3758: 3748: 3694: 3681: 3677: 3667: 3663: 3652: 3640:The Guardian 3639: 3634: 3626: 3621: 3608: 3596: 3585: 3577: 3572: 3563: 3553: 3548: 3539: 3531: 3522: 3512: 3507: 3497: 3492: 3482: 3477: 3464: 3450: 3437: 3414:. 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