4 ms·
He's referring to marx belief in the "tendency for the rate of profit to fall" which is literally objectively wrong and the opposite of it is accepted within ec
by Der_Einzige 4y ago
He's referring to marx belief in the "tendency for the rate of profit to fall" which is literally objectively wrong and the opposite of it is accepted within economics.
This is the accepted explanation, which implies that the rate of profit rises over time
https://en.m.wikipedia.org/wiki/Okishio%27s_theorem https://en.m.wikipedia.org/wiki/Okishio%27s_theorem
Btw, marx predicted that capitalism is inevitably destroyed due to tendency for the rate of profit to fall. I believe capitalism is the strongest that it's ever been right now.
- deleted 4y ago[deleted]
- scarmig 4y agoI'd emphasize not only that there have been advances in theory but also in, more importantly, the empirical evidence. Marxism is a scientific theory in the sense that it can be falsified, and if you look at the rate of profit over time in most countries and periods, the evidence very strongly falsifies Marxism. Even if someone refuted Okishio, Marxism makes predictions about capitalist economics that simply aren't consistent with the world we see.