Last weekend, I presented two papers at the conferences of the Association of Heterodox Economists (AHE) and the Society for the Advancement of Socio-Economics (SASE).
The AHE paper was Revisiting a World Rate of Profit and was a follow-up to my previous paper, A World Rate of Profit, presented to the AHE conference in 2012 (http://hetecon.net/documents/ConferencePapers/2015/AHERoberts.pdf).
The 2012 paper made a tentative estimate of what had happened to the rate of profit on capital in the G7 economies and the so-called BRICs. It was not the first attempt to measure a world rate of profit, but it was a more up to date attempt, using more comprehensive data made available from the Extended Penn World Tables of global economic data.
The 2012 paper recognised that measuring a world rate of profit was problematic. First, capitalism is not a ‘world economy’ as projected in Marx’s law of value and…
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