Comments on: US profitability: which way?

By: michael roberts

michael roberts — Sun, 08 Jul 2012 17:14:33 +0000

Marxist economic scholarship, particularly by Alan Freeman, G Carchedi and Andrew Kliman have developed MELT, the monetary expression of labour time, to deal with this issue, namely how to express in money terms, value in socially necessary labour time, whether with gold as the ‘universal equivalent’ or fiat currencies. Have a look at Kliman’s two books, Reclaiming Marx’s Capital and his latest The failure of capitalist production. It’s still a matter of debate within Marxist economics.

By: Jim Moreau

Jim Moreau — Sun, 08 Jul 2012 13:09:53 +0000

Undoubtedly “profits call the tune,” but how are profits to be measured? It would seem to follow from the law of value that profits should be measured in terms of the “universal equivalent” and not by an untethered fiat currency such as the dollar or the euro.

By: martin harwayne

martin harwayne — Mon, 02 Jul 2012 14:52:53 +0000

whatabout profit in manufacturing only?,difference between surplus value and profit? marxist (MARX) definition instead of BEA defimition

By: Doug Henwood

Doug Henwood — Sat, 30 Jun 2012 19:45:57 +0000

As they say on Wall Street, never predict anything, especially the future. So I’m reluctant to say much on the future course of profits. I would say, though, that my major point of disagreement is the two cyclical recoveries from the 2001 and 2008 lows have been extremely impressive, especially the recent on. Despite a horrid recession and a weak recovery, U.S. capital is rolling in it. It doesn’t seem sustainable, but, like I say, I’m shy about predicting the future.