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Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis

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  • Carlos Alberto Duque Garcia

Abstract

In recent decades, there has been a growing literature dealing with the empirical estimation of the rate of profit and other Marxian variables in several countries. Nonetheless, there has been a paucity of econometric research about the impact of those Marxian variables on the growth rate in developing countries. This article seeks to evaluate the rate of profit and the rate of accumulation as determinants of the growth rate in Colombia during 1967–2019, using a generalized vector autoregressive model. We find that both variables are statistically significant and, in concordance with Marxian theory predictions, affect positively the growth rate. We also identify direct impacts of the growth rate over the profit rate and the accumulation rate as well as an economic relevant relationship between these latter variables. JEL Classification : B51, C22, O54

Suggested Citation

  • Carlos Alberto Duque Garcia, 2022. "Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 54(3), pages 298-316, September.
    • Handle: RePEc:sae:reorpe:v:54:y:2022:i:3:p:298-316
    DOI: 10.1177/04866134221082212
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    More about this item

    Keywords

    Marxian political economy; rate of profit; time-series analysis; Colombia;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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