'Business Cycles,' Turnover and the Rate of Profit: An Empirical Test of Marxian Crisis Theory

Rudy Fichtenbaum

Eastern Economic Journal, 1988, vol. 14, issue 3, 221-228

Abstract: The fragmentary nature of Karl Marx's discussion on crisis has led to a long-standing debate regarding causal factors. This paper is a first attempt to show that turnover plays an important role in explaining cyclical movements in the rate of profit. The results of this study show the importance of including a measure of turnover in the rate of profit and lend support to the view that crises result both from a rising organic composition of capital and realization problems.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:14:y:1988:i:3:p:221-228

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