I had raised an objection to Fred's theory in 21987 and 99. I have
found that Samuel Hollander makes a similar criticism of Marx in his
classical Economics:
"The curve relating the profit rate and accumulation--whatever its
slope--is continually shifting outward because of an increase in the
purchasing power of profits, because the wants and greed for wealth
increase, and because o f various institutional changes which ease
the savings-investment process...With capital growing so rapidly, the
notion of a supposedly falling growth rate of labour demand comes
into question...But too rosy a picture of capitalistic development
would not presumably have appealed to Marx." p. 397.
In Volume 3 of Capital there is a Chapter titled "The law of the tendency of the rate of profit to fall" as opposed to "a supposedly falling growth rate of labour demand," whatever that means. Marx of course spoke highly of the epoch of capitalist development. This is know to anyone that has actually read Marx.
Marx will continued to be criticized for things he never said.
Melvin P.
