Technical Change and the Profit Rate

David Laibman
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David Laibman: City University of New York

Chapter 5 in Capitalist Macrodynamics, 1997, pp 41-50 from Palgrave Macmillan

Abstract: Abstract The critique appears decisive. The profit rate is (y — w)/k. It can fall as a result of a rise in w; this would follow from the maturation of the working class — the expression, perhaps, of the most truly classical contradiction of capitalism. This approach, however, is commonly derided as the ‘profit-squeeze’ theory of crisis. It reduces the fall in the profit rate to an outcome of the conflict between classes, considered by many to be an ephemeral or superficial phenomenon; the source of declining profitability must, in this view, be found in the presumably more fundamental process of the developing forces of production.

Keywords: Capital Stock; Technical Change; Real Wage; Profit Share; Profit Rate (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1057/9780230375345_5

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