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http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1879| Title: | A foundation Model for Marxian Breakdown Theories Based on a New Falling Rate of Profit Mechanism [Revised Version] |
| Keywords: | Marx, Karl Falling Rate of Profit Breakdown of Capitalism |
| Description: | Revised Version of UFAE and IAE Working Papers nr. 516.02 (March 2002), URI: http://hdl.handle.net/10261/1866. Abstract: The paper presents a foundation model for Marxian theories of the breakdown of capitalism based on a new falling rate of profit mechanism. All of these theories are based on one or more of "the historical tendencies": a rising capital-wage bill ratio, a rising capitalist share and a falling rate of profit. The model is a foundation in the sense that it generates these tendencies in the context of a model with a constant subsistence wage. The newly discovered generating mechanism is based on neo-classical reasoning for a model with land. It is non-Ricardian in that land augmenting technical progress can be unboundedly rapid. Finally, since the model has no steady state, it is necessary to use a new technique, Chaplygin's method, to prove the result. Peer reviewed |
| URI: | http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1879 |
| Other Identifiers: | http://hdl.handle.net/10261/1879 |
| Appears in Collections: | Digital Csic |
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