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Profits and Fractal Properties: Notes on Marx, Countertendencies and Simulation Models

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  • Leonardo Costa Ribeiro
  • Leonardo Gomes de Deus
  • Pedro Mendes Loureiro
  • Eduardo Da Motta Albuquerque

Abstract

There are new reasons for revisiting Marx’s elaboration on the rate of profit because contemporary debates provide findings from the MEGA Project, long-term data on the rate of profit, and tools for dealing with complexity and non-equilibrium systems. This article proposes that the interplay between the tendency and the countertendencies of the rate of profit to fall can be translated into a simple system of equations, one based on each chapter of Section Three of Capital—as if Marx sought to mathematically formalise his insights. This article reviews previous debates, presents data and runs a simulation model, showing that the rate of profit behaves as fractals.

Suggested Citation

  • Leonardo Costa Ribeiro & Leonardo Gomes de Deus & Pedro Mendes Loureiro & Eduardo Da Motta Albuquerque, 2017. "Profits and Fractal Properties: Notes on Marx, Countertendencies and Simulation Models," Review of Political Economy, Taylor & Francis Journals, vol. 29(2), pages 282-306, April.
    • Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:282-306
    DOI: 10.1080/09538259.2016.1265823
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    References listed on IDEAS

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    1. Hugo E. A. da Gama Cerqueira, 2014. "Da MEGA à MEGA2: breve história da edição crítica das obras de Karl Marx," Textos para Discussão Cedeplar-UFMG 506, Cedeplar, Universidade Federal de Minas Gerais.
    2. Freeman, Chris & Louca, Francisco, 2002. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199251056.
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    Cited by:

    1. Fernanda Cimini & Jorge Britto & Leonardo Costa Ribeiro, 2020. "Complexity systems and middle-income trap: the long-term roots of Latin America underdevelopment [Sistemas complexos e armadilha da renda media: as raízes de longo prazo do subdesenvolvimento latino-a," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 30(spe), pages 1225-1256, December.
    2. Rytis Kazakevicius & Aleksejus Kononovicius & Bronislovas Kaulakys & Vygintas Gontis, 2021. "Understanding the nature of the long-range memory phenomenon in socioeconomic systems," Papers 2108.02506, arXiv.org, revised Aug 2021.

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