Garegnani’s surplus equation and Marx’s falling rate of profits

Nuno Ornelas Martins

doi:10.1007/978-3-030-47206-1_10

Garegnani’s surplus equation and Marx’s falling rate of profits

Nuno Ornelas Martins^*

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

3 Citations (Scopus)

36 Downloads

Abstract

Here I shall argue that Pierangelo Garegnani’s surplus equation can help in understanding the relationship between Piero Sraffa’s economic system and Karl Marx’s idea of a tendency for the rate of profits to fall. Garegnani’s surplus equation enables us to understand Marx’s analysis of the composition of capital in the context of Sraffa’s system, in order to identify the tendency for the rate of profits to fall, and the countervailing tendencies that act against it. This analysis is in line with Garegnani’s own view that the perspectives of Marx and Sraffa are best seen as complementary approaches, rather than opposed ones.

Original language	English
Title of host publication	A reflection on Sraffa’s revolution in economic theory
Editors	Ajit Sinha
Publisher	Palgrave Macmillan
Pages	289-327
Number of pages	39
ISBN (Electronic)	9783030472061
DOIs	https://doi.org/10.1007/978-3-030-47206-1_10
Publication status	Published - 3 Jun 2021

Publication series

Name	Palgrave Studies in the History of Economic Thought
ISSN (Print)	2662-6578
ISSN (Electronic)	2662-6586

Keywords

Surplus
Rate of profits
Commanded labour
Capital

Access to Document

10.1007/978-3-030-47206-1_10

57720714Accepted author manuscript, 236 KBLicence: Unspecified

http://hdl.handle.net/10400.14/40105Licence: Unspecified

Cite this

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abstract = "Here I shall argue that Pierangelo Garegnani{\textquoteright}s surplus equation can help in understanding the relationship between Piero Sraffa{\textquoteright}s economic system and Karl Marx{\textquoteright}s idea of a tendency for the rate of profits to fall. Garegnani{\textquoteright}s surplus equation enables us to understand Marx{\textquoteright}s analysis of the composition of capital in the context of Sraffa{\textquoteright}s system, in order to identify the tendency for the rate of profits to fall, and the countervailing tendencies that act against it. This analysis is in line with Garegnani{\textquoteright}s own view that the perspectives of Marx and Sraffa are best seen as complementary approaches, rather than opposed ones.",

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KW - Surplus

KW - Rate of profits

KW - Commanded labour

KW - Capital

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Garegnani’s surplus equation and Marx’s falling rate of profits

Abstract

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Keywords

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CEGE: Research Center in Management and Economics

Cite this

Garegnani’s surplus equation and Marx’s falling rate of profits

Abstract

Publication series

Keywords

Access to Document

Other files and links

Fingerprint

Projects

CEGE: Research Center in Management and Economics

Cite this