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01/2014 Esteban Pérez Caldentey and Matías Vernengo Raúl Prebisch and Economic Dynamics:
01/2014 Esteban Pérez Caldentey and Matías Vernengo Raúl Prebisch and Economic Dynamics:

... distinction between ‘neoclassical’ and Keynesian theory. Both are guilty of the same flaw. Prebisch’s critique of neoclassical theory is aimed at the marginal productivity theory (MPT). Prebisch argued that MPT implies that the evolution of a market economy could only be characterized in the form of ...
Beyond the 2008 Financial “Crisis”
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CHAPTER VIII

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What do we know about the labor share and the profit share? Part I

... falling, posing a serious puzzle to economists since then. It is this puzzle, the reasons why the labor share has been falling while it used to be constant, that this paper aims at elucidating. Just what do we know about the labor and profit shares? In this first of a four-part series we investigate ...
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... subjection of ‘humankind’ to the ‘object world’ created be ‘human labour’.10 The anthropological approach to fetishism is thus formulated, which we criticised in the case of Lukács as extensive-universalising11 and which appears, with forms barely different, in recent analyses of fetishism that pre ...
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how not to write about the rate of profit

... production as constituted by the creation of value by labour and the appropriation of part of it (surplus-value) by capital. It is only (as, once again, Harvey knows as well as anyone) towards the very end of Capital, III, in Part 6, that he proceeds to uncover the “real value relation” underlying t ...
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... battle: John Stuart Mill (1806-1873), contemporary and opponent of Karl Marx and English liberal theorist, was first to call into question the concept of value. Against the Labour Theory of Value, the heart of Political Economy up to that time, Mill stepped into the shoes of Jeremy Bentham (1784-183 ...
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... profits • A firm that cannot remain profitable loses its value and will eventually fail. • Investors may tolerate or even accept temporary losses in the hope of higher future profits, but there is a limit to their patience. » The demise of many internet and technology companies in recent years is a ...
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... founding fathers of their discipline, such as Adam Smith and David Ricardo. In particular, Marx based much of his work on the labor theory of value, then a bedrock of economic thought, whereas modern pro-capitalist economists theorize that value is generated from other sources than labor. The labor ...
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John Milios

... Malthus commented (in 1822) that these exceptions: ‘are both theoretically and practically so considerable as entirely to destroy the position that commodities exchange with each other according to the quantity of labour that has been employed upon them’. Marx attempted to solve the problem in the s ...
Chapter 7 - Karl Marx
Chapter 7 - Karl Marx

... It is important to note that increases in the quantity of capital is likely to bring with it an increase in the quality of capital (technological improvements) which will increase the return to capital. WHICH FORCE WILL WIN? It is diminishing returns vs. technological improvements There is really no ...
MS Word Version
MS Word Version

... demonstrated to be incorrect, and even more so with the current crisis than in earlier crises (though there have been some efforts by a couple Trotskyist writers on economics to explain away the evidence). There are a lot of theoretically problems with this theory too, and even Marx talked about man ...
1

Tendency of the rate of profit to fall

The tendency of the rate of profit to fall (TRPF) is a hypothesis in economics and political economy, most famously expounded by Karl Marx in chapter 13 of Das Kapital, Volume 3. Although no longer accepted in mainstream economics, the existence of such a tendency was more widely accepted in the 19th century.In his 1857 Grundrisse manuscript, Karl Marx called the tendency of the rate of profit to fall ""the most important law of political economy"" and sought to give a causal explanation for it, in terms of his theory of capital accumulation. The tendency is already foreshadowed in chapter 25 of Capital, Volume I (on the ""general law of capital accumulation""), but in Part 3 of the draft manuscript of Marx's Capital, Volume III, edited posthumously for publication by Friedrich Engels, an extensive analysis is provided of the tendency. Marx regarded the TRPF as proof that capitalist production could not be an everlasting form of production, since, in the end, the profit principle itself would suffer a breakdown. However, because Marx never published any finished manuscript on the TRPF himself, because the tendency is hard to prove or disprove theoretically, and because it is hard to test and measure the rate of profit, Marx's TRPF theory has been a topic of controversy for more than a century.
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