The Structure and the Dynamics of Capitalist Economy

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This research project develops a basic theory of capitalist development from the standpoint of Marxian political economy. Its purpose is to analyze the relationship between the structure of social reproduction system and the dynamic development of capitalist economy. The characteristic method of this research project is to use the schema of physical input-output system shown by Sraffa as a theory of development. Following points are made clear by this study.(1) The creation of credit money can be maintained as long as repayment is repeated. And the repayment is based on the reflux law of money that money returns to those who advanced the money to the circulation. If investment of fixed capital decreases and money is drawn from the circulation, the law does not hold true. As a result, the creation of credit money can not be maintained.(2) Because the rate of profit is generally higher than the rate of interest in the capitalist economy, the prices of stocks are apt to rise limitlessly in the phase of prosperity.(3) In the phase of depression, the real wage rate does not fall as rapidly as the money wage rate does, because physical input-output system does not change so rapidly. So it is necessary to restructure the physical input-output system in order to climb out of the depression.(4) Because radical innovations rapidly increase the physical quantities of means of production per worker, they can form a large scale of industrial reserve armies under the given quantities of means of production.(5) The form of capitalist development changes according to the structure of reproduction system. So the basic theory of capitalist development should not show a single course of development, but it should show a set of various possibilities. It is such theory that is useful in analyzing the capitalist development.