THE ECONOMICS OF THE PROFIT RATE - Competition, Crises and Historical Tendencies in Capitalism

Hardback
New Directions in Modern Economics series
English

By (author) Gerard Dumenil , By (author) Dominique Levy

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Description

In this important book, Gerard Dumenil and Dominique Levy assess the impact of the profit rate on modern economies, its role in the allocation of resources among industries, its influence on business fluctuations, and its relation to accumulation, technological change and wages.The Economics of the Profit Rate presents a broad synthesis of recent work and builds on classical theory, using the tools of modern economics, to suggest alternative approaches to conventional microeconomics and macroeconomics. In sharp contrast to the general equilibrium theory, the emphasis is placed on dynamics and the reaction of individual agents to disequilibrium. This impressive book includes an assessment of the history of the US economy in which theoretical and empirical analyses are consistently combined.
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Product details

Format Hardback | 416 pages
Dimensions 138 x 216 x 23mm | 550g
Publication date 01 Nov 1993
Publisher Edward Elgar Publishing Ltd
Publication City/Country Cheltenham, United Kingdom
Language English
ISBN10 1852787600
ISBN13 9781852787608
Bestsellers rank 3,596,970

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Part 1 The profit rate: the economics of the profit rate - a summary; definitions and measures of the profit rate. Part 2 Competition and prices of production: prices of production; long-term equilibrium in classical and Walrasian models; the classical analysis of competition; convergence? Part 3 General disequilibrium: a general disequilibrium model; development of the basic model; proportions and dimension in the short and long terms; out of the mainstream. Part 4 Stability and business fluctuations: the real and monetary determinants of macro (in)stability; the impact of the profit rate on the macroeconomy; business fluctuations in other paradigms. Part 5 Technology and distribution - a historical perspective: the historical profile of the profit rate; historical tendencies; accumulation and growth; profitability trends. Part 6 History: profitability and management; a chronological overview; the historical dynamics of capitalism.
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Review quote

'This treatise should be read by Sraffian, post Keynesian, Kaleckian, Marxian, and even Walrasian economists interested in deeper theory and more extensive empirical work.'
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About Gerard Dumenil

Gerard Dumenil, Director of Research, CNRS, LAREA-CEDRA, University of Paris X-Nanterre and Dominique Levy, PSE-CNRS, France
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THE ECONOMICS OF THE PROFIT RATE - Competition, Crises and Historical Tendencies in Capitalism

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