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A Marxian model of long run capitalist development

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Summary

It has been shown in the preceding sections that some well-known Marxian assertions on the long run tendencies of income distribution, employment and the rate of profit can be deduced from a very small set of Marxian assumptions concerning accumulation behaviour, technical change and the factors which determine distribution.

Moreover, a two sectoral extension of the basic model led us to the result that these tendencies are accompanied by a falling share of consumption goods production in the long run. It is likely that the outcomes will not be modified much if the accumulation quota or the “length of the working day” were to be explained endogenously in a Marxian spirit. The situation changes drastically, however, if neutral technical progress is substituted for Marxian technical change. For this case it has been shown that all relevant ratios eventually approach constant equilibrium values. Therefore, the character of technical progress may be considered as crucial not only for the development of the profit rate but for the other Marxian assertions alike.

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Author notes

  1. Jörg Glombowski

    Present address: Katholieke Hogeschool Tilburg, Hogeschoollaan 225, Postbus 90153, NL-5000, LE Tilburg, The Netherlands

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    1. Jörg Glombowski
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    I would like to thank John Dagevos and Bob Kaper for helpful comments. Suggestions of an anonymous referee of the Zeitschrift für Nationalökonomie were very useful in shortening an earlier draft and making it more precise.

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    Glombowski, J. A Marxian model of long run capitalist development. Zeitschr. f. Nationalökonomie 43, 363–382 (1983). https://doi.org/10.1007/BF01283186

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