Using aggregate data from the Annual Survey of Industries, we analyze profitability in India’s organized manufacturing sector from 1982-83 to 2012-13. Over the whole period of analysis, the rate of profit grew at about 1 percent per annum, primarily driven by a rising share of profits. We use...

This paper surveys some of the quantitative empirical research in two areas of Marxist political economy: (a) Marxist national accounts, and (b) Marxist responses to the Sraffa-based critique of the 1970s. With respect to the first area, this paper explains the basic methodology underlying the...

This paper presents some estimates of the stock of the reserve army of labour, and flows into and out of the reserve army of labour for the postwar U.S. economy. Estimates of stocks are presented for the period 1948 - 2011 at a monthly frequency; 6 month moving average estimates of flows into...

This paper uses aggregate-level data, as well as case-studies, to trace out the evolution of some key structural features of the Indian economy, relating both to the agricultural and the informal industrial sector. These aggregate trends are used to infer: (a) the dominant relations of...

This paper uses aggregate-level data as well as case-studies to trace the evolution of some key structural features of the Indian economy, relating both to the agricultural and the informal industrial sector. These aggregate trends are used to infer: (a) the dominant relations of production...

This paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital Marx (1993) as a tool for aggregate economic analysis of capitalist economies. The discrete-time formalization closely follows and extends the continuous-time formalization...

This paper offers a synoptic account of the state of the debate within Marxist scholars regarding the current structural crisis of capitalism, identifies two broad streams within the literature dealing, in turn, with aggregate demand and profitability problems, and proceeds to concentrate on an...

Building on Marx's insights in Chapter 25, Volume I of Capital, an augmented version of the cyclical profit squeeze (CPS) theory offers a plausible explanation of macroeconomic fluctuations under capitalism. The pattern of dynamic interactions that emerges from a 3-variable (profit share,...

The law of the tendential fall in the rate of profit has been at the center of theoretical and empirical debates within Marxian political economy ever since the publication of Volume III of Capital. An important limitation of this literature is the absence of a comprehensive econometric analysis...

This paper offers a unified analytical treatment of Marx's theory of ground-rent, building on the analysis that is available in Volume Three of Capital. Since ground-rent is a transformation of surplus profit generated in agriculture, the main argument is developed in two steps. In the first...