Classical competition and the compatibility of market power and uniform rates of profit

Article Abstract:

The widely-held belief that competitive capitalist economies at the turn of the 20th century entered a new monopolistic stage that defies classification under the classical analysis of competition was thrown into disrepute after various studies found no evidence of such a stage in capitalist economies. However, a 1987 study by Amitava Dutt attempted to show the possibility of new monopolistic, capitalist economies by virtue of equalized rates of profit in such economies. However, closer examination reveals that there are no existing economies governed by a new kind of monopoly.

Competition (Economics)

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Monopoly power and uniform rates of profit: a reply to Glick-Campbell and Dumenil-Levy

Article Abstract:

A 1987 paper which showed that monopoly power and the uniformity of the profit rate across production sectors are not contradictory has been criticized for being economically unrealistic. Moreover, critics argued that the paper did not provide an explicit dynamic that can be used against the classical approach and an unambiguous background dynamic to support its static model. However, closer examination reveals that there is no truth to these criticisms.

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A post-Keynesian long-term equilibrium with equalized profit rates? A rejoinder to Amitava Dutt's synthesis

Article Abstract:

A 1987 study attempted to explain profit rate equalization with fixed prices in terms of abnormal adjustments in capacity utilization rates. The study was roundly criticized for being subject to various interpretations and its lack of precision. Additional criticisms against the study include its deficient treatment of investment and its presentation of a Keynesian long-term equilibrium.

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