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International Conference - Lille, France (3-5 July 2019)

Envisioning the Economy of the Future, and the Future of Political Economy

Income Shares and Profitability in the U.S. Economy
Erdogan Bakir  1@  , Al Campbell  2@  
1 : Bucknell University
2 : University of Utah

There has been a growing literature on the empirically tested variants of Marxian crisis theory. Profit rate and its trajectory in secular and/or cyclical context are central to this literature. Nonetheless, the treatment of the profit rate varies, to a certain degree, among some of the studies in this literature, depending on the specific questions asked or the specific definition attributed to it. This paper builds on our earlier works to develop a more complete analysis of the Marxian crisis theory in order to, among others, delineate the effect of overhead labor on the profit rate. 


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