Devaluation and Marx's Law of the tendential fall in the rate of profit

Peter Jones

Review of Political Economy, 2016, vol. 28, issue 2, 233-250

Abstract: Marx's law of the tendential fall in the rate of profit predicts that the rate of profit will decline over the long term as the forces of production develop, and move cyclically in a way that explains crises and economic recoveries. This interpretation is substantiated with textual evidence, and with a method for measuring the dynamic of devaluation and revaluation which Marx uses to explain the profit rate cycle. This method is shown to be consistent with temporalism, meaning it avoids the transformation problem created by dual system interpretations, and the problem of the Okishio Theorem created by simultaneist interpretations. The article also includes a temporalist way to estimate the Monetary Expression of Labour Time, and empirical results for the effect of devaluation on the stock of fixed assets in the United States since 1930.

Date: 2016
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09538259.2016.1142714 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:28:y:2016:i:2:p:233-250

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CRPE20

DOI: 10.1080/09538259.2016.1142714

Access Statistics for this article

Review of Political Economy is currently edited by Steve Pressman and Louis-Philippe Rochon

More articles in Review of Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().