Spiegare la crisi: stagnazione secolare o caduta tendenziale del saggio del profitto?

Vladimiro Giacché
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Vladimiro Giacché: a/simmetrie

No 1507, a/ Working Papers Series from Italian Association for the Study of Economic Asymmetries, Rome (Italy)

Abstract: Summers has recently reintroduced the hypothesis of “secular stagnation”, first proposed by Alvin Hansen in 1938 as an explanation for the protracted slump of the US economy. However, the secular stagnation hypothesis looks rather as a description, than as an explanation of the current low-growth environment. In this paper we consider the Marxian hypothesis of the tendency of the rate of profit to fall as an alternative theoretical paradigm. Looking at the post-WWII data, the Marxian hypothesis provides an adequate picture of the long-run growth trends. This conclusion is reinforced once we take into account the counteracting factors mentioned by Marx, all of which, and in particular the use of share capital, were operating in the last decades. The paper concludes by outlining some alternative scenarios of recovery.

Keywords: Marxian economics; Marxian model; Economic growth; Secolar stagnation; Comparative analysis of economic systems (search for similar items in EconPapers)
JEL-codes: B51 E11 O40 P51 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2015-08
New Economics Papers: this item is included in nep-hme, nep-hpe, nep-mac and nep-pke
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