International Perspectives on Profitability and Accumulation (New Directions in Modern Economics Series)
By: Fred Moseley (editor), Edward N. Wolff (editor)Hardback
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Has the rate of profit been falling the US or other industrialized countries? What are the factors that are directly responsible for its increase over time and what factors account for its decline? The rate of profit is one of the most important economic variables. It directly affects the rate of growth of an economy, both as a source of funds for new investment and as an inducement for new investment. It also has a direct bearing on the distribution of income within an economy, particularly between wage earners and owners of capital. Its movement over time is thus a major source of concern for the business community, the working populaton and public policy. The present volume aims to fill an important gap in the literature on this important economic and policy issue. This collection undertakes a rigorous statistical analysis of both profitability trends in the US and other advanced economies and of the factors that affect movement over time.
Introduction, Fred Moseley and Edward N. Wolff. Part 1 Trends in profitability in industrialized countries: a comparative analysis of profitability trends in advanced capitalist countries, Thomas Weisskopf; stages in the development of US capitalism - trends in profitability and technology since the Civil War, Gerard Dumenil, Mark Glick and Dominique Levy; unproductive labour and the rate of profit in the postwar US economy, Fred Moseley. Part 2 Sectoral analysis of profitability: structural change and the movement of the rate of profit in the US, Edward Wolff; using US input-output data for Marxian empirical research - values, production prices, and wage profit curves, Eduardo Ochoa; prices, wages and profits in Brazil - an input-output data analysis, 1975, Ednaldo Araquem da Silva and Jean-Luc Rosinger; the regimes of accumulation of the US - 1950, Michel Juillard. Part 3 Profitability, accumulation and the social wage: a Marxian-Keynesian theory of investment demand - empirical evidence, James Crotty and Jon Goldstein; technological change, distribution and stability, Gerard Dumenil and Dominique Levy; a negative social wage and the reproduction crisis of the 1980s, John Miller.
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