Revisiting capitalist reproduction: Equilibrium, networks, and intersectoral competition

Abstract:

This article revisits capitalist reproduction with a focus on equilibrium, networks, and competition. Thus, after a literature review, a three-stage model of capitalist reproduction is presented: 1) Equilibrium in goods markets is shown to limit the sectoral distribution of employment; 2) Monetary networks are proposed to reinterpret simple and extended reproduction using Markov chains, and 3) The role of intersectoral competition is incorporated to explain the emergence of the long-run average rate of profit, and some factors that could hinder this emergence are brought to light. The article then presents the main conclusions and possible avenues for future research on the complexity of capitalist reproduction.

Año de publicación:

2022

Keywords:

• Monetary networks
• Equilibrium
• Intersectoral competition
• sectoral schemes

Fuente:

scopus

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