A reply to Jon Goldstein

William Van Lear
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William Van Lear: Department of Economics, Belmont Abby College, Belmont, NC 28012, USA; Tel.: + 1-704-825-6842 williamvanlear@bac.edu

Review of Radical Political Economics, 2002, vol. 34, issue 2, 221-222

Abstract: Marxian business cycle research places great importance on the turn in profit rates and profitability in driving capitalist cycles. My work emphasizes that wage growth and wage stability bring a stabilizing force to capitalism. Goldstein points out that wage growth begins to exceed revenue growth in stage three or four, and, therefore, wages contribute to the decline in business profitability that eventually ends the expansion.

Keywords: Business cycle; Profit squeeze (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:34:y:2002:i:2:p:221-222

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