Jim said... "Howard Sherman's research suggests persistent differences between profit rates between sectors, while Shaikh, Glick, and others see the differences as transitory. I think the latter research has been better (partly because it came later), but it's possible that there was a period during the 1950s and 1960s when there was a persistent difference in profit rates between sectors."
This seems like a misinterpretation to me. Shaikh et al haven't argued (to my knowledge) that the profit rates actually equalize: they argue that there is a tendency to equalization that is constantly blocked by factors such as technological change, shifts in the social division of labor, restrictions on capital flows etc. I'm agnostic on whether they are right or not although I think they are correct that imperfect, monopolisticly competitive, monopoly capital etc theories are bunk. On that note I recently received a copy of Alternative Theories of Competition: Challenges to the Orthodoxy to review. http://www.amazon.com/Alternative-Theories-Competition-Challenges-Orthodoxy/dp/0415686873 -- -Nathan Tankus ----------------------------------------------------------------------------------------------------------------------------------------------- _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
