Income distribution, turnover speed and profit rate in Japan, Chile, Netherlands and United States

Maito, Esteban Ezequiel (2014): Income distribution, turnover speed and profit rate in Japan, Chile, Netherlands and United States.

Abstract

This paper analyzes the valorization process in Chile, Japan, Netherlands and United States, estimating advanced constant and variable capital, turnover speed, capital composition and profit rate on total advanced capital. Furthermore, it analyzes the role of turnover speed in the valorization process. In core countries, turnover speed of capital tends to be higher due to a larger development of productive forces. Thus, in Netherlands, United States and Japan there is higher labor share, representing at the same time, the wage bill adjusted by capital turnover, a lower proportion related to total capital and income, compared to peripheral countries like Chile

• Item Type: MPRA Paper
• Language: English
• Keywords: rate of profit – labor share – turnover speed – value capital composition - annual surplus value rate
• Subjects: E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E11 - Marxian ; Sraffian ; Kaleckian; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E23 - Production; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E25 - Aggregate Factor Income Distribution; E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity; P - Economic Systems > P1 - Capitalist Systems; P - Economic Systems > P1 - Capitalist Systems > P16 - Political Economy

References

- Aguilar, Ximena & Collinao, María Paz (2001) Cálculo del stock de capital para Chile 1985-2000, DT N°133, Santiago de Chile: Banco Central de Chile.

- Alemi, Piruz & Duncan Foley (1997) The circuit of capital, US manufacturing and non-financial corporate business sectors, 1947-1993, mimeo.

- Braun, Juan, et al.(2000) Economía chilena 1810-1995. Estadísticas históricas, DT N°187 del Instituto de Economía, Santiago de Chile: Universidad Católica de Chile.

- Dachevsky, Germán & Juan Kornblihtt (2011) Aproximación a los problemas metodológicos de la medición de la tasa de ganancia y la renta de la tierra petrolera, Documento de Jóvenes Investigadores N°27, Instituto Gino Germani-UBA, Argentina.

- Duménil, Gerard & Levy, Dominique (2002) The profit rate. Where and how much did it fall. USA 1948-2000, http://www.jourdan.ens.fr/levy/.

- Duménil, Gerard & Levy, Dominique (2005) From prosperity to neoliberalism. Europe before and after the structural crisis of the 1970´s, http://www.jourdan.ens.fr/levy/.

- Fichtenbaum, Rudy (1988) Business cycles, turnover and the rate of profit: an empirical test of Marxian crisis theory, Eastern Economic Journal Vol.XIII N°3, Estados Unidos.

- Freeman, Alan (2009) What makes the US profit rate fall?, MPRA Paper N°14147, http://mpra.ub.uni-muenchen.de/14147/ .

- Grinberg, Nicolás (2011) Transformations in the Korean and Brazilian processes of capitalist development between the mid-1950s and the mid-2000s: the political economy of late industrialisation. PhD thesis, The London School of Economics and Political Science (LSE).

- Groote., Peter et al. (1996) A standardized time series of the stock of fixed capital in the Netherlands, 1900-1995, Groningen Growth & Development Center Working Paper N°25, Universidad de Groningen, Países Bajos.

- Guerriero, Marta (2012) The labour share of income around the world. Evidence from a panel dataset, Development Economics and Public Policy Working Papers (WP32/2012), University of Manchester, Inglaterra.

- Haindl, Erik & Fuentes, Rodrigo (1986) Estimación del stock de capital en Chile 1960-1984”, Revista Estudios de Economía Vol.13 N°1, Universidad de Chile, Chile.

- Iñigo Carrera, Juan (2007) La formación económica de la sociedad Argentina, Imago Mundi, Argentina.

- Jones, Peter (2012) Depreciation, devaluation and the rate of profit, Universidad de París, Francia.

- Kaldor, Nicholas (1973) Teorías alternativas acerca de la distribución, en “Teoría del capital y la distribución”, Editorial Tiempo Contemporáneo, Argentina.

- Lindenboim, Javier, Damián Kennedy & Juan Graña (2011) Distribución funcional y demanda agregada en Argentina. Sesenta años en perspectiva internacional, CEPED-UBA DT N°16, Argentina.

- Maito, Esteban Ezequiel (2013a) La Argentina y la tendencia descendente de la tasa de ganancia 1910-2011, Revista Realidad Económica N°275, Argentina

- Maito, Esteban Ezequiel (2013b) La tasa de ganancia en Chile 1986-2009, Revista Razón y Revolución N°24, Ediciones RyR, Argentina.

- Mariña Flores, Abelardo & Moseley, Fred (2001) La tasa general de ganancia y sus determinantes en México 1950-1999, Revista Economía, Teoría y Práctica N°15, México.

- Marquetti, Adalmir et al. (2010) The profit rate in Brazil 1953-2003, Review of Radical Political Economics Vol.42 N°4, SAGE Publications, Estados Unidos.

- Marx, Karl (1968a) El Capital. Tomo I, FCE, México.

- Marx, Karl (1968b) El Capital. Tomo II, FCE, México.

- Marx, Karl (1968c) El Capital. Tomo III, FCE, México.

- Moseley, Fred & Roberts, Charles (1989) The Decline of the Rate of Profit in the Postwar US Economy: Regulation and Marxian Explanations, International Journal of Political Economy Vol.19N°1, M.E.Sharpe Inc., Estados Unidos

- Martínez González, Gloria & Alejandro Valle Baeza (2011) Differences in surplus-value rates between developed and under-developed countries: An analysis based on differences in productivity and capital composition, Marxism 21 Vol.8 N°1, Corea.

- Reati, Angelo (1986) The rate of profit and the organic composition of capital in the post 1945 long wave. The case of British manufacturing industry from 1959 to 1981, Fernand Braudel Center Review Vol.9 N°4, Estados Unidos.

- Reati, Angelo (1989) The rate of profit and the organic composition of capital in the post 1945 long wave. The case of French manufacturing industry from 1959 to 1981, International Journal of Political Economy Vol.19 N°1, Estados Unidos.

- Robinson, Joan (1973) Reconsideraciones de la teoría del valor, en “Teoría del capital y la distribución”, Editorial Tiempo Contemporáneo, Argentina.

- Souza, Marcos & Aumara Feu (2005) Capital stock in Latin America: 1950-2000, Economy & Energy N°50, Brasil.

- Taminiau-van Veen, Puck; Schaaf, Sandra & van den Bergen, Dirk (2009) Measuring inventories in the Dutch national accounts, CBS Discussion Paper 09019, Países Bajos.

- Weeks, John (1979) The process of accumulation and the “profit-squeeze” hypothesis, Science & Society Vol.43 N°3, Guilford Press.