 The Rate of Profit, Economic Growth and CrisesLefteris Tsoulfidis () and Persefoni Tsaliki Chapter Chapter 8 in Classical Political Economics and Modern Capitalism, 2019, pp 335-379 from Springer Abstract: Abstract The argument in this chapter is that besides the more or less expected short-term (inventory and investment) cycles, there are other longer-term economic cycles. For this purpose, we present data on a number of variables that lend support to the view of long cycles lasting around 50 years. Five such long cycles are ascertained starting from the industrial revolution to our times. A number of phenomena appear regularly with the long cycles, and we try to go beyond the surface and identify the causes of the phenomena. To conclude, we argue that the evolution of profitability is responsible for the ‘ebbs and flows’ of economic activity and the phenomena associated with it. The discussion continues with the views of major economists of the past on the tendential fall in the rate of profit and the attainment of the ‘stationary economy’ of the old classical economists associated with this, expressed in Marx as the ‘point of absolute overaccumulation’. Keywords: Long cycles; Innovations; Law of the falling rate of profit; Stationary economy; Absolute overaccumulation (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-17967-0_8 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-17967-0_8 Access Statistics for this chapter More chapters in Springer Books from Springer |
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