Accumulation of Capital and the Foundation of the Tendency of the Rate of Profit to Fall

Geert Reuten

Cambridge Journal of Economics, 1991, vol. 15, issue 1, 79-93

Abstract: Especially since N. Okishio (1961), the theory of the tendency of the rate of profit to fall is controversial in Marxist economics because the microeconomic foundations for it seem inadequate. The "Okishian" argument is based on a comparative static equilibrium approach. It is indicated how, within a dynamic disequilibrium framework of capital stratification, these foundations may well be provided; the rate of profit for innovating capitals may then rise, while that for the economy as a whole may fall. Nevertheless tendencies are not trends; the tendency of the rate of profit to fall seems to be manifest cyclically, interconnected with other tendencies of accumulation. Copyright 1991 by Oxford University Press.

Date: 1991
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