This paper explains the rise and fall of stagflation between 1960 and 1998 in terms of the fall and rise of the cyclically-corrected profit rate as part of a preliminary investigation. Not only is the theory presented and compared to mainstream visions of the Natural Rate of Unemployment, but...

This paper develops a formal model of worker-employer relations within capitalist firms. The results illuminate the effects of property rela tions on the organization of work, the monitoring of workers, the extent of wage hierarchies and incentives and inefficiencies in such firms. A comparison...