US Profit Rate Fall.pdf

MPRA_paper_14147.pdf
Preview of US Profit Rate Fall
🔗 Source: mpra.ub.uni-muenchen.de
📊 Size: 231 KB
👤 Author: Alan
⬇️ Downloads: 178

Summary

The US profit rate has fallen since World War II, with a significant slowdown in growth starting around 1965. Robert Brenner's work re-ignited the debate about the causes of this slowdown, claiming that neither present nor past economic theory explains it. However, empirical evidence shows that the output-capital ratio is a dominant cause of postwar movements in the US profit rate, contradicting Brenner's claims. The paper argues that Brenner's rejection of the Marx-Kalecki framework is due to his theoretical paradigm, which cannot account for the effect of falling prices on capital stocks. The author aims to show that earlier theoretical frameworks, such as Marx's account of the determinants of the profit rate, provide valid explanations for the growth slowdown and to critique the suppression of alternative ideas in modern economics.

Description

The US profit rate has fallen since World War II, with a significant slowdown in growth starting around 1965.

Technical Information

  • File Format: PDF
  • File Size: 231 KB
  • Pages: 22
  • Language: EN
  • Author: Alan
  • Total Downloads: 178
  • Last Updated: 4 days ago

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