This paper offers a synoptic account of the state debate among Marxist scholars regarding current structural crisis capitalism, identifies two broad streams within literature dealing, in turn, with aggregate demand and profitability problems, proceeds to concentrate on an analysis issues surrounding problem steps. First, evidence trends for non-farm non-financial corporate business, business sectors post-war USA are summarised. A range profit rate measures covered data from both US Bureau...

Using a panel data set of Indian states between 1983–1984 and 2011–2012, this paper studies the impact public health expenditure on infant mortality rate (IMR), after controlling for other relevant covariates like political competition, per capita income, female literacy, urbanisation. We find that care reduces IMR. Our baseline specification shows an increase in by 1 cent state-level net domestic product is associated with reduction IMR about nine deaths 1000 live births. also literacy...

Objectives To evaluate the effect of four-phase national lockdown from March 25 to May 31 in response COVID-19 pandemic India and unmask state-wise variations terms multiple public health metrics. Design Cohort study (daily time series case counts). Setting Observational population based. Participants Confirmed cases nationally across 20 states that accounted for >99% current cumulative counts until 2020. Exposure Lockdown (non-medical intervention). Main outcomes measures We illustrate...

This article investigates the changing relationship between employment and real output in US economy from 1948 to 2010 at aggregate level some major industry grouping levels of disaggregation. Real is conventionally measured as value added corrected for price inflation, but there are industries which no independent measure possible existing statistics depend on imputing equal income. Indexes that exclude these imputations closely correlated with over whole period remain more during current...

The law of the tendential fall in rate profit has been at center theoretical and empirical debates within Marxian political economy since publication volume III Capital. An important limitation this literature is relative paucity modern econometric investigations behavior profit. central objective paper to remedy lacuna. We investigate properties series utilizing methods time econometrics. evidence suggests that non-stationary. also specify a test Marx’s with novel model explicitly accounts...

ABSTRACT Introduction India has been under four phases of a national lockdown from March 25 to May 31 in response the COVID-19 pandemic. Unmasking state-wise variation effect nationwide on progression pandemic could inform dynamic policy interventions towards containment and mitigation. Methods Using data confirmed cases across 20 states that accounted for more than 99% cumulative case counts till 31, 2020, we illustrate masking state-level trends highlight variations by presenting...

In this paper we present estimates of the world (net) profit rate using country-level data from Extended Penn World Table 7.0 and (gross) industry-level Input Output Database. The country-aggregated series spans period 1960 to 2019, industry-aggregated runs 2000 2014. displays a strong negative linear trend for 1960–1980 weaker 1980 2019. A medium run decomposition analysis reveals that decline in is driven by output-capital ratio. shows 2000–2014, which, once again, fall We have created...

Abstract Using a state‐industry panel data set of 55 industries for 19 major Indian states over the period 1983–84 to 2007–08, we analyze contemporaneous and long run impacts rate profit its components—profit share, capacity utilization capacity‐capital ratio—on investment using linear dynamic models. Our results show that: (a) has both short positive on investment; (b) share ratio have mainly impacts, but more complex pattern impact investment.

In this paper, I discuss three issues related to bias of OLS estimators in a general multivariate setting. First, the that arises from omitting relevant variables. offer geometric interpretation such and derive sufficient conditions terms sign restrictions allows us determine direction bias. Second, show inclusion some omitted variables will not necessarily reduce magnitude as long others remain omitted. Third, irrelevant model with can also have an impact on estimators. use running example...

Building on a recently developed methodology for sensitivity analysis that parametrizes omitted variable bias in terms of partial RSquared measures, I propose simple statistic to capture the severity any observational study: probability overturning reported result. The central element my proposal is formal covariate benchmarking, whereby researchers choose an observed regressor (or group regressors) benchmark relative strength association with outcome and treatment variable. These strengths...

This paper empirically tests two competing views about capital–labour substitution at the aggregate level in capitalist economies: classical model with Marx-biased technical change versus neoclassical model. Following Foley and Michl (1999), viability condition of is used to draw out different hypotheses profit share national income corresponding models. A stochastic version tested data from Extended Penn World Tables 2.1 using a simple cross-country estimation strategy. It found that...

Over the past four decades, India has witnessed a paradoxical trend: average per capita calorie intake declined even as real monthly expenditure increased over time. Since cross sectional evidence suggests robust positive relationship between two variables, trend emerges major puzzle. The main explanations that have been o ered in literature to address puzzle are: rural impoverishment, relative price changes, decline needs, diversification of diets, squeeze on food budget due rising...

AbstractThere are two divergent perspectives on the impact of subcontracting firms in informal sector. According to benign view, formal sector prefer linkages with relatively modern sector, and enables capital accumulation technological improvement latter. exploitation extract surplus from stagnant, asset-poor that use cheap family labour home-based production. However, direct, firm-level evidence determinants is thus far lacking literature. We apply a modified Heckman selection model Indian...

Does the intensification of labor increase rate exploitation? it produce absolute surplus value or relative value? This article develops a framework to answer these questions by incorporating intensity in widely used linear model production, both its one- and two-department forms. We show that (a) an always leads exploitation, (b) exploitation takes form production all realistic situations. also highlight, case any with more than one industry sector, interesting difference short- long-run...

This paper uses aggregate-level data, as well case-studies, to trace out the evolution of some key structural features Indian economy, relating both agricultural and informal industrial sector. These aggregate trends are used infer: (a) dominant relations production under which vast majority working people labour, (b) predominant ways in surplus labour direct producers is appropriated by classes. summary account meant inform link up with on-going attempts at radically restructuring society.

The stagnation in the US economy since 2008 has given rise to a mainstream literature. This paper offers critique of that literature and proposes an explanation for current based on social structure accumulation (SSA) theory. It presents historical econometric evidence SSA-based considers implications likely near-future course economic policy institutional change. JEL Classification: E11, E39, O43

Abstract The Kaldor-Verdoorn law refers to a positive but less than one-for-one causal relationship between the growth rates of output and labour productivity. While empirical research has found that coefficient lies 0 1, interpretation this finding remains unclear. In paper, we present model derive law. Our results show is jointly determined by elasticity factor substitution, supply elasticity, profit share increasing returns scale (or demand-induced technical change) parameter. Hence,...