Is the tendency of the rate of profit to fall still accepted?

[jmpeer]

I'd just like to start with that one question. I might ask more later in this thread.

[The Idler]

Permanent Revolution Group don't accept it.

[Lyev]

Yes it certainly is. Amongst others, Marxist economist Andrew Kliman has written quite extensively defending the theory. This paper is informative: http://akliman.squarespace.com/storage/Persistent%20Fall%20whole%20primo%2010.17.09.pdf. A decent understanding of the theory is quite important to understand other Marxian theories of crisis in general, but especially the current crisis.

[Zanthorus]

As far as I'm aware, only by those who accept the Temporal Single-System Interpretation of Marx's value theory (Kliman, Freeman etc). Most Marxist economists 'correct' Marx in some way and try to find a different source of crises.

[syndicat]

accepted by who? not by me. anyway, there are several different Marxist theories of economic crisis. the falling rate of profit theory is only one. I find it problematic to propose a perpetual always acting tendency to explain structural crises that only happen infrequently.

other Marxist theories of crisis look to depressing of wages which undermines the market (under-consumptionism), or moments of aggressive shift in balance of class forces to side of labor or capital. for example, according to one group of Marxists, the structural crisis (falling profits) of the '70s was caused by periods of upsurge in worker and mass self-activity. this roots the cause of crisis ultimately in the class struggle.