Numerology, temporalism, and profit rate trends

Abstract

“Temporal single system” value theorists use numerical examples to establish their notion of a rising “material” rate of profit in capitalist accumulation, which however masks the fall in the true underlying “value” rate of profit. When a typical example of this kind is studied carefully, however, we find that the “value” rate, while falling initially in some instances, eventually follows, or tracks, the trend in the “material” rate. Temporalism therefore does not provide a coherent foundation for theorizing long-term trends in the profit rate; this requires a return to Marx's original position focusing on the organic composition of capital.

Citation

Laibman, D. (2000), "Numerology, temporalism, and profit rate trends", Zarembka, P. (Ed.) Value, Capitalist Dynamics and Money (Research in Political Economy, Vol. 18), Emerald Group Publishing Limited, Leeds, pp. 295-306. https://doi.org/10.1016/S0161-7230(00)18012-5