accumulate. Consistent with the basic intuitions of Marx's theory of technical change, we show that there is no obvious relation … between ex-ante profitable innovations and the income distribution that actually emerges in equilibrium, and individually …

accumulate. Consistent with the basic intuitions of Marx's theory of technical change, we show that there is no obvious relation … between ex-ante profitable innovations and the income distribution that actually emerges in equilibrium, and individually …

interrelationship differs between market ‘undershooting’ (the actual number of firms is below the equilibrium number) and ‘overshooting …’ (vice versa). We find that equilibrium-restoring mechanisms are faster in over than in undershoots. The results imply that … in undershoots a lack of competition between incumbent firms contributes to restoration of equilibrium (creating room for …

This paper conducts the first general equilibrium analysis of the role of entry, exit and profits in industry dynamics … function of creating disequilibrium and the conventional equilibrating role of moving the industry to a new equilibrium. Second …, to discriminate between three aspects of industry dynamics: the effect of entry and exit on market equilibrium, duration …

epochs of U.S. economic history. In the second part, we test Marx's law of the tendential fall in the rate of profit with a …