Overview

This text assesses the impact of the profit rate on modern economies, its role in the allocation of resources among industries, its influence on business fluctuations, and its relation to accumulation, technological change and wages. This study presents a broad synthesis of recent work and builds on classical theory, using the tools of modern economics, to suggest alternative approaches to conventional microeconomics and macroeconomics. In sharp contrast to the general equilibrium theory, the emphasis is placed on dynamics and the reaction of individual agents to disequilibrium. It includes an assessment of the history of the US economy in which theoretical and empirical analyses are consistently combined.

Full Product Details

Author:   Gérard Duménil ,  Dominique Lévy
Publisher:   Edward Elgar Publishing Ltd
Imprint:   Edward Elgar Publishing Ltd
Dimensions:   Width: 15.60cm , Height: 2.30cm , Length: 23.40cm
Weight:   0.550kg
ISBN:  

9781852787608

ISBN 10:   1852787600
Pages:   416
Publication Date:   01 January 1993
Audience:   College/higher education ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Reviews

'This treatise should be read by Sraffian, post Keynesian, Kaleckian, Marxian, and even Walrasian economists interested in deeper theory and more extensive empirical work.' -- James Devine, Review of Radical Political Economics 'The work of Dumenil and Levy is quite original and will... provoke lively debate among microeconomists on equilibrium behaviour, macroeconomists on business cycles fluctuations, and economic historians on their analysis of long waves in capitalism.' -- Edward N. Wolff, Journal of Economic Literature 'In this pathbreaking work of theory and empirics covering roughly 125 years of US history, Dumenil and Levy elaborate Marx's vision of a capitalist economy regulated at the microeconomic, macroeconomic and historical levels by the profitability of business enterprise.' -- Thomas R. Michl, Science and Society '... the theoretical rehabilitation of the profit rate is of utmost importance, and this book pleads convincingly for a basic cause'. -- C. Bidard, Journal of Economics 'In this very important and very interesting book Dumenil and Levy summarize the results of their theoretical and empirical contribution of the last ten years on the dynamics of capitalist economies... I was impressed by the clarity and rigor of the chapters on gravitation of market prices around the prices of production or, to follow more closely their approach, the tendency towards an equalization of the profit rates among industries, resulting from capital mobility.' -- Angelo Reati, EAEPE Newsletter 'The present volume presents an important review and synthesis of these collaborations, and will be of great interest to economists working in related fields and to graduate library collections... Dumenil and Levy have moved out of the mainstream along a broad front, and The Economics of the Profit Rate shows how considerable their progress has been.' -- Don Goldstein, Journal of Economic Behaviour and Organization

Author Information

Gérard Duménil, Director of Research, CNRS, LAREA-CEDRA, University of Paris X-Nanterre and Dominique Lévy, PSE-CNRS, France

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