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Η θεωρία οικονομικών κρίσεων του Karl Marx
[Karl Marx’s theory of economic crises]

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  • Mariolis, Theodore

Abstract

This paper argues that Marx’s theory of economic crises constitutes a system of three discrete ‘sub-theories’ on: (i) distributive growth cycles; (ii) effective demand; and (iii) the tendency of the average profit rate to fall. The paper explores the relationships between these sub-theories and concludes that the third sub-theory overdetermines the other two. Finally, it evaluates the Marxian system of crises on the basis of modern economic science findings.

Suggested Citation

  • Mariolis, Theodore, 2014. "Η θεωρία οικονομικών κρίσεων του Karl Marx [Karl Marx’s theory of economic crises]," MPRA Paper 56831, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:56831
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    References listed on IDEAS

    as
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    2. Lefteris Tsoulfidis, 2024. "Competing Schools of Economic Thought," Springer Studies in the History of Economic Thought, Springer, edition 2, number 978-3-031-58580-7, April.
    3. Papageorgiou, Aris & Tsoulfidis, Lefteris, 2006. "Kondratiev, Marx and the long cycle," MPRA Paper 31355, University Library of Munich, Germany, revised 10 May 2012.
    4. Takao Fujimoto & Ravindra R. Ranade, 1998. "Technical Changes and the Rate of Profit in Models with Joint Production and Externalities: A Duality Approach," Metroeconomica, Wiley Blackwell, vol. 49(2), pages 129-138, June.
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    6. John G. Fernald & Charles I. Jones, 2014. "The Future of US Economic Growth," American Economic Review, American Economic Association, vol. 104(5), pages 44-49, May.
    7. George Soklis, 2011. "Shape Of Wage–Profit Curves In Joint Production Systems: Evidence From The Supply And Use Tables Of The Finnish Economy," Metroeconomica, Wiley Blackwell, vol. 62(4), pages 548-560, November.
    8. Salvadori, Neri, 1981. "Falling Rate of Profit with a Constant Real Wage: An Example," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 5(1), pages 59-66, March.
    9. Ian Steedman, 2013. "Sraffian Thoughts in Full Marginalist Dress," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 598-606, November.
    10. Pasinetti, Luigi L, 1988. "Growing Subsystems, Vertically Hyper-integrated Sectors and the Labour Theory of Value," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(1), pages 125-134, March.
    11. Theodore Mariolis, 2014. "Falling Rate of Profit and Mass of Profits: A Note," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 549-556, October.
    12. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(4), pages 375-393, December.
    13. Roger W. Ferguson & William L. Wascher, 2004. "Distinguished Lecture on Economics in Government: Lessons from Past Productivity Booms," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 3-28, Spring.
    14. Desai, Meghnad & Henry, Brian & Mosley, Alexander & Pemberton, Malcolm, 2006. "A clarification of the Goodwin model of the growth cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 30(12), pages 2661-2670, December.
    15. Wolfgang Eichert, 2014. "Long-period Positions in Multi-sectoral Cobb–Douglas Economies," Metroeconomica, Wiley Blackwell, vol. 65(1), pages 136-153, February.
    16. Mariollis, Theodore, 2012. "Goodwin’s Growth Cycle Model with the Bhaduri-Marglin Accumulation Function," MPRA Paper 40738, University Library of Munich, Germany.
    17. Anwar Shaikh, 1992. "The Falling Rate of Profit as the Cause of Long Waves: Theory and Empirical Evidence," Palgrave Macmillan Books, in: Alfred Kleinknecht & Ernest Mandel & Immanuel Wallerstein (ed.), New Findings in Long-Wave Research, chapter 7, pages 174-202, Palgrave Macmillan.
    18. Okishio, Nobuo, 1977. "Notes on Technical Progress and Capitalist Society," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(1), pages 93-100, March.
    19. Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bhaduri-Marglin accumulation function; Goodwin’s growth cycle models; Law of the tendency of the average profit rate to fall; Marx’s system of eco-nomic crises; Sraffian theory; Total factor productivity;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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