The evolution of the rate of profit reflects both changes in income distribution and technical conditions of production. The purpose of this paper is to present estimates of the rate of profit for the Greek economy using input-output data spanning the period 1988-1997 and, at the same time, to...

This article investigates the stability properties of the well-known Goodwin’s growth cycle model, when a production function with variable elasticity of substitution is considered. It is found that the latter amounts to the introduction of a dampening effect; hence, the equilibrium...

This paper tests empirically the well-known Goodwin’s ‘growth cycle’ disaggregated models, using data from the symmetric input-output table of the Greek economy for the year 1988. It is found that from qualitative as well as quantitative point of view, both models are not adequate to...

This paper investigates Goodwin’s Lotka-Volterra model in disaggregative form. It is found that the dynamic behavior of the model depends on the material input coefficients matrix.

This paper shows that the mass of profits may be strictly increasing even when the rate of profit is strictly decreasing. Thus, a recent 'long-wave version' of the falling rate of profit theory of crisis is called into question.

This paper argues that Marx’s theory of economic crises constitutes a system of three discrete ‘sub-theories’ on: (i) distributive growth cycles; (ii) effective demand; and (iii) the tendency of the average profit rate to fall. The paper explores the relationships between these sub-theories...

This paper estimates the ‘static Sraffian multiplier’ for the Greek economy using data from the Supply and Use Table for the year 2010. It is found that (i) an effective demand management policy could be mainly based on the service sector; and (ii) the whole economic system, and especially...

Bródy’s conjecture is submitted to an empirical test using input-output flow data of varying size for the US economy for the benchmark years 1997 and 2002, as well as for the period 1998-2010. The results suggest that the ratio of the modulus of the subdominant eigenvalue to the dominant one...

A typical finding in many empirical studies is that the production price-profit rate relationship is, by and large, monotonic. This paper derives, in terms of the usual single-product model, the spectral conditions that make possible the appearance of such monotonicity. Furthermore, using data...