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Technical Change and the Profit Rate

In: Capitalist Macrodynamics

Author

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  • David Laibman

    (City University of New York)

Abstract

The critique appears decisive. The profit rate is (y — w)/k. It can fall as a result of a rise in w; this would follow from the maturation of the working class — the expression, perhaps, of the most truly classical contradiction of capitalism. This approach, however, is commonly derided as the ‘profit-squeeze’ theory of crisis. It reduces the fall in the profit rate to an outcome of the conflict between classes, considered by many to be an ephemeral or superficial phenomenon; the source of declining profitability must, in this view, be found in the presumably more fundamental process of the developing forces of production.

Suggested Citation

  • David Laibman, 1997. "Technical Change and the Profit Rate," Palgrave Macmillan Books, in: Capitalist Macrodynamics, chapter 5, pages 41-50, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37534-5_5
    DOI: 10.1057/9780230375345_5
    as

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