Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis

Carlos Duque Garcia

Review of Radical Political Economics, 2022, vol. 54, issue 3, 298-316

Abstract: In recent decades, there has been a growing literature dealing with the empirical estimation of the rate of profit and other Marxian variables in several countries. Nonetheless, there has been a paucity of econometric research about the impact of those Marxian variables on the growth rate in developing countries. This article seeks to evaluate the rate of profit and the rate of accumulation as determinants of the growth rate in Colombia during 1967–2019, using a generalized vector autoregressive model. We find that both variables are statistically significant and, in concordance with Marxian theory predictions, affect positively the growth rate. We also identify direct impacts of the growth rate over the profit rate and the accumulation rate as well as an economic relevant relationship between these latter variables. JEL Classification : B51, C22, O54

Keywords: Marxian political economy; rate of profit; time-series analysis; Colombia (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:54:y:2022:i:3:p:298-316

DOI: 10.1177/04866134221082212

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