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Abstract

It may not initially be obvious to all readers of this work that there is any primary causal significance to be attached to the rate of profits in relation to economic theory in general or to the problems of distribution theory and theoretical long-run growth models specifically. The direction of causality can be shown to run from the effect of the rate of profits on distribution and, in turn, the effect of distribution on the analysis of long-run growth. From this view, therefore, until the question of profits is settled, there can be no determinate theory of distribution. Thus the key variable that has been chosen for analysis in this study is the dynamic property of profits, the rate of profits.

Keywords

Growth Theory Distribution Theory Pure Competition Capital Intensity Neumann Model 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 1.
    See Joan Robinson, An Essay in Marxian Economics ( London: Macmillan, 1952 ).Google Scholar
  2. 2.
    See A. Leijonhufvud, On Keynesian Economics and the Economics of Keynes (London: Oxford University Press, 1968) 394 n.Google Scholar
  3. 4.
    See Joan Robinson, ‘A Lecture Delivered at Oxford by a Cambridge Economist’, in On Re-reading Marx ( Cambridge, England: Students’ Bookshops Ltd, 1953 ) 14.Google Scholar
  4. 3.
    K. Wicksell, Lectures on Political Economy, i (London: Routledge & Kegan Paul, 1934 ) 148, 268, 296.Google Scholar
  5. 2.
    D. Levhari, ‘A Non-substitution Theorem and Switching of Techniques’, Quarterly Journal of Economics, Lxxix (Feb. 1965).Google Scholar

Copyright information

© J. A. Kregel 1971

Authors and Affiliations

  • J. A. Kregel
    • 1
  1. 1.University of BristolUK

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