Browse > Article
http://dx.doi.org/10.14400/JDC.2014.12.2.89

The Evolution of Rate of Profit and Its Determinants in Korean Economy  

Yu, Won-Keun (Dept. of Regional Economics, Kangwon University)
Choi, Ho-Yeong (Institute for Regional Development, Kangwon University)
Publication Information
Journal of Digital Convergence / v.12, no.2, 2014 , pp. 89-97 More about this Journal
Abstract
With regard to conventional theory, the rate of profit is determined by the interaction between the rate of surplus value and the organic composition of capital. And it declines with the capitalistic development through intensifying the organic composition of capital. According to the empirical test, the rate of profit and the rate of surplus value have been decreased. On the contrary, the organic composition of capital have increased during the period under study. The empirical results of the rate of profit in Korean economy appears to hold the principle of the law of the tendency of the rate of profit to fall. But the trend of the determinants is distinct from the conventional theory. Despite the distinctive empirical results, the law of the tendency of the rate of profit to fall is realized in Korean economy in objective period of time.
Keywords
Rate of Profit; Rate of Surplus Value; Organic Composition of Capital; Law of the Tendency of the Rate of Profit to Fall; Periodization;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Frank Thompson, The Composition of Capital and the Rate of Profit: A Reply to Laibman. Review of Radical Political Economics, Vol. 30, No. 1, pp. 90-107, 1998.   DOI   ScienceOn
2 Adalmir Marquetti, Eduardo Maldonado Filho, and Vladimir Lautert, The Profit Rate in Brazil, 1953-2003, Review of Radical Political Economics, Vol. 42, No. 4, pp. 485-504, 2010.   DOI   ScienceOn
3 Theodore P. Lianos, The Rate of Surplus Value, the Organic Composition of Capital and the Rate of Profit in Greek Manufacturing, Review of Radical Political Economics, Vol. 24, No. 1, pp. 136-145, 1992.
4 Edward N. Wolff, (2001). "The Recent Rise of Profits in the United States", Radical Political Economics, Vol. 33, pp. 315-324, 2001.   DOI
5 Edward N. Wolff, "Rising Profitability and the Middle Class Squeeze", Science & Society, Vol. 74, No. 3, pp. 429-449, 2010.   DOI   ScienceOn
6 Fred Moseley, "The Decline of the Rate of Profit in the Postwar U.S. Economy: An Alternative Marxian Explanation", Review of Radical Political Economics, Vol. 22, No. 2-3, pp. 17-37, 1990.
7 Fred Moseley, The Decline of the Rate of Profit in the Postwar US Economy: Is the Crisis Over?, Capital & Class, No. 48, Autumn, pp. 115-130, 1992.
8 David Laibman, The Falling Rate of Profit: A New Empirical Study, Science & Society, Vol. 57, No. 2, Summer, pp. 223-233, 1993.
9 Fred Moseley, "Unproductive Labor and the Rate of Profit: A Reply", Science & Society, Vol. 58, No. 1, Spring, 1994.
10 Fred Moseley, "The Rate of Profit and the Future of Capitalism", Review of Radical Political Economics, Vol. 29, No. 4, pp. 23-41, 1997.   DOI   ScienceOn
11 David Laibman, Technical Change, Accumulation and the Rate of Profit Revisited, Review of Radical Political Economics, Vol. 28, No. 2, pp. 33-53, 1996.   DOI   ScienceOn
12 K. Marx, Capital III, Penguin Classics, Chapter 13, 1991.
13 Edward N. Wolff, "Is A Discussion of Unproductive Labor Still Productive?", Science & Society, Vol. 58, No. 2, Summer, pp. 204-210, 1994.
14 Statistics Korea: http://kostat.go.kr/portal/korea/ index.action.
15 Bank of Korea: http://ecos.bok.or.kr.
16 K. Marx, Kapital I, Penguin Classics, p. 317, 1990.