Constant Capital and the Crisis in Contemporary Capitalism: Echoes from the Late Nineteenth Century

Michael Perelman

Journal of Economic Analysis, 2010, vol. 1, issue 1, 34-41

Abstract: Because constant capital involves irreversible decisions, understanding this subject is essential for coming to grips with the complexity of the economy, especially crisis theory. This paper attempts to show how both Marx and late 19th century neoclassical economists in the United States realized that the relative growth of constant capital made competitive economies unsustainable.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:tua:journl:v:1:y:2010:i:1:p:34_41

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