The most important conclusion of Marx's theory of capitalism is that the rate of profit would tend to decline as a result of technological change. This book presents a rigorous empirical test of this all-important conclusion by deriving estimates of the Marxian rate of profit and its determinants (the composition of capital and the rate of surplus-value) for the post-World War II US economy in order to determine whether the trends in these variables were in the direction predicted by Marx's theory. Given the long and ...
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The most important conclusion of Marx's theory of capitalism is that the rate of profit would tend to decline as a result of technological change. This book presents a rigorous empirical test of this all-important conclusion by deriving estimates of the Marxian rate of profit and its determinants (the composition of capital and the rate of surplus-value) for the post-World War II US economy in order to determine whether the trends in these variables were in the direction predicted by Marx's theory. Given the long and continuing controversy over this conclusion of Marx's theory, this rigorous empirical test should be of the considerable interest. This book also extends Marx's theory to provide an original explanation of the significant decline in the conventionally-defined rate of profit in the postwar US economy: that this decline was due primarily to a very significant increase in the relative proportion of unproductive labour during this period. This explanation has important implications for the likely future trend of the rate of profit and thus for the likelihood of a full and lasting recovery from the economic crisis of the 1970s-80s.
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Good. Ships from UK in 48 hours or less (usually same day). Your purchase helps support Sri Lankan Children's Charity 'The Rainbow Centre'. Ex-library, so some stamps and wear, but in good overall condition. 100% money back guarantee. We are a world class secondhand bookstore based in Hertfordshire, United Kingdom and specialize in high quality textbooks across an enormous variety of subjects. We aim to provide a vast range of textbooks, rare and collectible books at a great price. Our donations to The Rainbow Centre have helped provide an education and a safe haven to hundreds of children who live in appalling conditions. We provide a 100% money back guarantee and are dedicated to providing our customers with the highest standards of service in the bookselling industry.
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This is an ex-library book and may have the usual library/used-book markings inside. This book has hardback covers. In good all round condition. No dust jacket. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 500grams, ISBN: 0333551095.