Political economy and capitalism: notes on Dobb's theory of crisis

Shaikh, Anwar

doi:10.1093/oxfordjournals.cje.a035388

Cited by 151 publications

(53 citation statements)

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“…9 Though Marx did not offer a rigorous argument as to why the materialized composition of capital might increase with time, later authors like Shaikh (1978) and Duménil and Lévy (2003) have tried to work this out.…”

Section: Aggregate Labour Theory Of Valuementioning

confidence: 99%

“…Marx's claim in Volume III of Capital that there is a tendency for the general rate of profit to fall with the development of capitalism has spawned an enormous and growing literature often marked by bitter controversy and fruitful debate (Dobb, 1939;Sweezy, 1942, Gilman, 1957Okishio, 1961;Shaikh, 1978;Wolff, 1979;Mandel, 1980;Roemer, 1981;Bowles, 1985;Foley, 1986;Michl, 1988;Shaikh, 1992;Lévy 1993, 1995;Foley and Michl, 1999;Wolff, 2001; Lévy, 2002a, 2002b;Wolff, 2003;Kliman, 2009). …”

Section: Introductionmentioning

confidence: 99%

“…The second strand rejects the validity of the so-called Okishio Theorem in toto and instead believes that there is a secular tendency for the rate of profit to fall with capitalist development; prominent scholars in this strand are Shaikh (1978Shaikh ( , 1987Shaikh ( , 1992, Kliman (2007Kliman ( , 2009) and others. The third strand conditionally accepts the validity of the so-called Okishio Theorem, arguing that the key assumption that drives its result -fixed real wages -does not characterise the actual evolution of capitalism.…”

mentioning

confidence: 99%

“…Finally, the long-run secular tendency (i.e., a negative time trend that runs through several medium-run cycles) for the rate of profit to fall is primarily driven by the long-run competitive pressures of the capitalist system that results in the inexorable increase in the mechanization of the production process, leading to an increase in the composition of capital (Shaikh, 1978(Shaikh, , 1992 above and beyond the effect of the countertendecies. 7 Based on this distinction in the time frame of analysis, we note that this paper is an attempt to investigate Marx's hypothesis of the secularly declining profit rate in the U.S. case that relates to the long run only.…”

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confidence: 99%

See 3 more Smart Citations

Is There a Tendency for the Rate of Profit to Fall? Econometric Evidence for the U.S. Economy, 1948-2007

Basu

Manolakos

2012

Review of Radical Political Economics

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The law of the tendential fall in the rate of profit has been at the center of theoretical and empirical debates within Marxian political economy ever since the publication of Volume III of Capital. An important limitation of this literature is the absence of a comprehensive econometric analysis of the behaviour of the rate of profit. In this paper, we attempt to fill this lacuna in two ways. First, we investigate the time series properties of the profit rate series. The evidence suggests that the rate of profit behaves like a random walk and exhibits "long waves" interestingly correlated with major epochs of U.S. economic history. In the second part, we test Marx's law of the tendential fall in the rate of profit with a novel econometric model that explicitly accounts for the counter-tendencies. We find evidence of a long-run downward trend in the general profit rate for the US economy for the period 1948-2007. JEL Classification: B51, C22, E11.

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Section: Aggregate Labour Theory Of Valuementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

mentioning

confidence: 99%

mentioning

confidence: 99%

See 2 more Smart Citations

Is There a Tendency for the Rate of Profit to Fall? Econometric Evidence for the U.S. Economy, 1948-2007

Basu

Manolakos

2012

Review of Radical Political Economics

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“…The universal applicability of the Okishio Theorem has been challenged by Shaikh (1978) among others. Castells omits any reference to this consequential debate.…”

Section: Reviewed By D O N Shakowmentioning

confidence: 99%