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Title: Capital intensity, unproductive activities and the Great Recession in the US economy
Authors: Tsoulfidis, Lefteris
Paitaridis, Dimitris
Type: Article
Subjects: FRASCATI::Social sciences
FRASCATI::Social sciences::Economics and Business::Economics
Keywords: Composition of capital
capital accumulation
rate of profit
growth accounting
Issue Date: 2019
Source: Cambridge Journal of Economics
Volume: 43
Issue: 3
First Page: 623
Last Page: 647
Abstract: The purpose of this article is to show that the ‘great recession’ of 2007 in the USA is of the classical type with basic features the rising value composition of capital which more than fully offset the rising rate of surplus-value giving rise to a falling rate of profit. The tendential fall of the latter, from a point onwards, led to a nearly stagnant mass of real net profits, thereby decreased net investment and eventually impacted on employment. The evolution of capital intensity and the consequences of unproductive activities remain key issues in the discussions of capital accumulation and its periodic ruptures.
ISSN: 0309-166X
Other Identifiers: 10.1093/cje/bey051
Appears in Collections:Department of Economics

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