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Competition, Monopoly Power and the Uniform Rate of Profit

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  • Amitava Krishna Dult

    (Department of Economics, University of Notre Dame, Notre Dame, Indiana 46556.)

Abstract

This paper examines whether, with the rise of monopoly capital, the classical theory of competition and the prices of production framework has to be replaced by a theory emphasizing the balance of power relations between different economic groups. It briefly reviews concepts of competition and monopoly power, the recent literature in support of classical competition, and develops a model synthesizing the Sraffian prices of production framework and the Kalecki-Steindl monopoly power theory. It shows that although monopoly power and the uniform rate of profit are not necessarily inconsistent, the theory of prices may well have to be revised as a result of the emergence of monopoly power.

Suggested Citation

  • Amitava Krishna Dult, 1987. "Competition, Monopoly Power and the Uniform Rate of Profit," Review of Radical Political Economics, Union for Radical Political Economics, vol. 19(4), pages 55-72, December.
    • Handle: RePEc:sae:reorpe:v:19:y:1987:i:4:p:55-72
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    Cited by:

    1. Malcolm Sawyer, 1999. "The Kaleckian Analysis and the New Millennium," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 303-319.
    2. Malcolm Sawyer, 2007. "Kalecki on Money and Finance," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), A Handbook of Alternative Monetary Economics, chapter 11, Edward Elgar Publishing.
    3. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    4. Ricardo Azevedo Araujo & Carlos Eduardo Drumond, 2021. "A two‐sector neo‐Kaleckian model of growth and distribution: Investment allocation and evolutionary dynamics," Metroeconomica, Wiley Blackwell, vol. 72(1), pages 213-236, February.
    5. Duménil, Gérard & Lévy, 1997. "Being keynesian in the short term and classical in the long term," CEPREMAP Working Papers (Couverture Orange) 9702, CEPREMAP.
    6. Huang, Biao, 2022. "On the Over-determination Problem in a Two Sector Neo-Kaleckian Model," Centro Sraffa Working Papers CSWP56, Centro di Ricerche e Documentazione "Piero Sraffa".
    7. Malcolm Sawyer, 1998. "The Kaleckian Analysis and the New Mellinium," Macroeconomics 9805001, University Library of Munich, Germany, revised 01 Sep 1998.

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