Capital accumulation cycles in the Marxist theory

Bernard Dupont ()

Cahiers d’économie politique / Papers in Political Economy, 2014, issue 66, 173-198

Abstract: This paper reviews the question of cycles in the Marxist theory from the methodological indications given by Marx in the first book of the Capital. It expounds on the properties of a nonlinear dynamic model of accumulation of capital which analyses the interactions between the rate of employment, the rate of surplus value and the composition of capital. An extensive accumulation regime generates endogenous fluctuations. A mixed regime of extensive and intensive accumulation is marked by long waves of employment, surplus value and the rate of profit while capital intensity goes through phases of stagnation and rising.

Keywords: Cycles; Marxian macroeconomics; nonlinear dynamical systems. (search for similar items in EconPapers)
JEL-codes: B51 C61 E11 E32 (search for similar items in EconPapers)
Date: 2014
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