http://thenextrecession.wordpress.com/2012/04/03/why-is-the-us-recovery-so-weak-look-at-profitability/
Why have US corporations hoarded their profits rather than invest in new expansion? It is not just uncertainty about the future, with debt crises in Europe, slower growth in China or the fear of a new banking collapse. These are ‘psychological’ explanations beloved by mainstream economics and Keynesian ‘expectations’ theories. There is a good objective reason. While US profits are up, profitability i.e. the rate of profit, is not.
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