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A networkmodel for the complex behavior of the rate of profit: exploring a simulation model with overplapping technological revolutions

Leonardo Ribeiro, Leonardo de Deus (), Pedro Loureiro and Eduardo Albuquerque ()
Additional contact information
Leonardo Ribeiro: Inmetro, Rio de Janeiro, Brazil
Pedro Loureiro: SOAS, London, UK

No 555, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This article proposes a network model to replicate the behaviour of the profit rate in the long run. Specifically, it accounts for the results of an empirical investigation of the profit rate in the US, which show that it has fractal properties and its complexity changes over time. The starting point of the model is Marx’s insights on the interplay between the tendency of the rate to fall and its countertendencies. It combines these insights with the persistent generation of new commodities – inventions – and a specific set of new branches of production that triggers technological revolutions. A simulation running this network model successfully replicates historical features of the system.

Keywords: Rate of profit; Technological revolutions; Marx; Complex systems; Metamorphoses of capitalism; Simulation models (search for similar items in EconPapers)
JEL-codes: P16 O33 B51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp, nep-hme and nep-ino
Date: 2017-06
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