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arXiv · 1705.02559

An equation for a time-dependent profit rate

Rafael D. Sorkin
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Abstract

Taking as a hypothesis a form of the labour theory of value, and $without$ $assuming$ $equilibrium$, we derive an equation that yields the profit-rate $\pi$ as a function of time. For a mature economy, $\pi(t)$ reduces to the product of two factors: ($i$) a certain $retarded$ $average$ of the sum of the growth-rates of productivity and of the size of the labour-force measured by hours worked, and ($ii$) the ratio of the current rate of surplus value to its own retarded average. We also suggest an empirical test of the equation.

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Rafael D. Sorkin. 2017-05-07. An equation for a time-dependent profit rate. https://arxiv.org/abs/1705.02559

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