Technology Choice and Falling Rate of Profit:Two Analysis Paths Based on the Theory of Real Competition
In the long-term debate about the falling rate of profit,in which technology choice as the micro basis has attracted the attention of many scholars.Anwar Shaikh proposed the theory of real competition to re-fute the cost criterion of the Okishio theorem.The article believes that the theory of real competition points to two analysis paths for the falling rate of profit.The first is endogeneity analysis,which is dominant and explicit in the theory of real competition,viewing the falling rate of profit as completely endogenous to capitalist mode of production.It deeply influences Shaikh's theories of economic crisis and market regulation,which,how-ever,exposes the theoretical dilemma of this path.The second is semi-endogeneity analysis,which is second-ary and latent in Shaikh's theory,as it contains the influences of institutional forms on technology choice.The article agrees with the second path and builds a general analysis framework about the impacts of institutional forms on the technology choice and falling rate of profit.
Falling Rate of ProfitReal CompetitionTechnology ChoiceInstitutional Form
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