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Marxian Macroeconomic Categories in the Greek Economy

Author

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  • Thanasis Maniatis

    (Centre of Planning and Economic Research, 22 Hippokratous Street, 106 80 Athens, Greeceamaniatis@kepe.gr)

Abstract

This article presents an empirical analysis of the postwar Greek economy from a Marxist perspective. I discuss the methodological issues involved in the empirical definition and the measurement of key Marxian variables that describe the different facets of the process of income distribution and capital accumulation in a capitalist economy. Based on recent developments in Marxist empirical research, I calculate the rate of surplus value, the value and materialized composition of capital, the general Marxian rate of profit, and the net rate of profit for the 1958-1994 period. I evaluate the results in the context of Marx’s predictions about the long-run behavior of those variables in a capitalist economy and his theory of the falling rate of profit. The results provide empirical support for Marx’s theory, which appears to be a useful tool for the analysis of the postwar history and the prospects of the Greek economy.

Suggested Citation

  • Thanasis Maniatis, 2005. "Marxian Macroeconomic Categories in the Greek Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 37(4), pages 494-516, December.
    • Handle: RePEc:sae:reorpe:v:37:y:2005:i:4:p:494-516
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