A descriptive and analytic look at Marxs own explanations for the falling rate of profit (Long Version)

Marxs conclusions about the falling rate of profit have been analysed exhaustively. Usually this has been done by building models which broadly conform to Marxs views and then showing that his conclusions are either correct or, more frequently, that they can not be sustained. By contrast, this paper examines, both descriptively and analytically, Marxs arguments from the Hodgskin section of Theories of Surplus Value, the General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital. It also gives a new interpretation of Part III of this last work. The main conclusions are first, that Marx had an intrinsic explanation of the falling rate of profit but was unable to give it a satisfactory demonstration and second, that he had a number of subsidiary explanations of which the most important was resource scarcity. The paper closes with an assessment of the pedigree of various currents of Marxian thought on this issue.

Land, technical progress and the falling rate of profit

The paper sets out a one sector growth model with a neoclassical production function in land and a capital-labour aggregate. Capital accumulates through capitalist saving, the labour supply is infinitely elastic at a subsistence wage and all factors may experience factor augmenting technical progress. The main result is that, if the elasticity of substitution between land and the capital-labour aggregate is less than one and if the rate of caital augmenting technical progress is strictly positive, then the rate of profit will fall to zero. The surprise is that this result holds regardless of the rate of land augmenting technical progress; that is, no amount of technical advance in agriculture can stop the fall in the rate of profit. The paper also discusses the relation of this result to the classical and Marxist literature and sets out the path of the relative price of land.

The short and long-run determinants of the real exchange rate in Mexico

This paper explores the real exchange rate behavior in Mexico from 1960 until 2005. Since the empirical analysis reveals that the real exchange rate is not mean reverting, we propose that economic fundamental variables affect its evolution in the long-run. Therefore, based on equilibrium exchange rate paradigms, we propose a simple model of real exchange rate determination which includes the relative labor productivity, the real interest rates and the net foreign assets over a long period of time. Our analysis also considers the dynamic adjustment in response to shocks through impulse response functions derived from the multivariate VAR model.

Equilibrium play and best response to (Stated) beliefs in constant sum games

We report experimental results on one-shot two person 3x3 constant sum games played by non-economists without previous experience in the laboratory. Although strategically our games are very similar to previous experiments in which game theory predictions fail dramatically, 80% of actions taken in our experiment coincided with the prediction of the unique Nash equilibrium in pure strategies and 73% of actions were best responses to elicited beliefs. We argue how social preferences, presentation effects and belief elicitation procedures may influence how subjects play in simple but non trivial games and explain the diferences we observe with respect to previous work.

On the growth rate of minor-closed classes of graphs

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New evidence of the real interest rate parity for OECD countries using panel unit root tests with breaks

This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfillment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.

The choice of banking firm: Are the interest rate a significant criteria?

The objective of the research is to know the factors that in Spain determine the choice of banking organization. The obtained results indicate that the dimension of the network of branches is the reason more valued. In spite of the increasing symmetry of the Spanish banking market, the preferences of the clients of the savings banks and those of the banks are not absolutely coincident, being the proximity - the main reason for election- much more valued by the former than by the latter. The existence of divergences in the preferences has also been detected according to the region and the typology of city of residence.

Geometria integral i convexitat en espais de curvatura holomorfa constant

En aquest treball es tracten qüestions de la geometria integral clàssica a l'espai hiperbòlic i projectiu complex i a l'espai hermític estàndard, els anomenats espais de curvatura holomorfa constant. La geometria integral clàssica estudia, entre d'altres, l'expressió en termes geomètrics de la mesura de plans que tallen un domini convex fixat de l'espai euclidià. Aquesta expressió es dóna en termes de les integrals de curvatura mitja. Un dels resultats principals d'aquest treball expressa la mesura de plans complexos que tallen un domini fixat a l'espai hiperbòlic complex, en termes del que definim com volums intrínsecs hermítics, que generalitzen les integrals de curvatura mitja. Una altra de les preguntes que tracta la geometria integral clàssica és: donat un domini convex i l'espai de plans, com s'expressa la integral de la s-èssima integral de curvatura mitja del convex intersecció entre un pla i el convex fixat? A l'espai euclidià, a l'espai projectiu i hiperbòlic reals, aquesta integral correspon amb la s-èssima integral de curvatura mitja del convex inicial: se satisfà una propietat de reproductibitat, que no es té en els espais de curvatura holomorfa constant. En el treball donem l'expressió explícita de la integral de la curvatura mitja quan integrem sobre l'espai de plans complexos. L'expressem en termes de la integral de curvatura mitja del domini inicial i de la integral de la curvatura normal en una direcció especial: l'obtinguda en aplicar l'estructura complexa al vector normal. La motivació per estudiar els espais de curvatura holomorfa constant i, en particular, l'espai hiperbòlic complex, es troba en l'estudi del següent problema clàssic en geometria. Quin valor pren el quocient entre l'àrea i el perímetre per a successions de figures convexes del pla que creixen tendint a omplir-lo? Fins ara es coneixia el comportament d'aquest quocient en els espais de curvatura seccional negativa i que a l'espai hiperbòlic real les fites obtingudes són òptimes. Aquí provem que a l'espai hiperbòlic complex, les cotes generals no són òptimes i optimitzem la superior.

Analyzing aggregate real exchange rate persistence through the lens of sectoral data

In this paper we analyze the persistence of aggregate real exchange rates (RERs) for a group of EU-15 countries by using sectoral data. The tight relation between aggregate and sectoral persistence recently investigated by Mayoral (2008) allows us to decompose aggregate RER persistence into the persistence of its different subcomponents. We show that the distribution of sectoral persistence is highly heterogeneous and very skewed to the right, and that a limited number of sectors are responsible for the high levels of persistence observed at the aggregate level. We use quantile regression to investigate whether the traditional theories proposed to account for the slow reversion to parity (lack of arbitrage due to nontradibilities or imperfect competition and price stickiness) are able to explain the behavior of the upper quantiles of sectoral persistence. We conclude that pricing to market in the intermediate goods sector together with price stickiness have more explanatory power than variables related to the tradability of the goods or their inputs.

Utopia?: probablement potser...

L'objectiu d'aquest treball és que l'autor derivi en testimoni de la societat a partir d'enquestes i dels seus propis textos, que exemplifiquen situacions diverses. Tot regit per una voluntat que més o menys expressada, dirigeix l'acció dels homes: l'esperança en un món millor que en cap lloc es troba, ni en altres temps. L'autor fent-se ressò d'un humanisme tormentat s'insereix en experiències literàries, que són mirall de l'home coetani. De tota manera mai no oblida els intents que en el passat han portat els homes a imaginar indrets de felicitat. És per això la constant recurrència a les utopies literàries. En contrast amb les enquestes realitzades apel·lant a les diverses ideologies polítiques. Com a conclusió el treball ens aporta la idea que la vida segueix i paral·lela a ella, segueix la vida literària, i totes dues són fonament de la utopia. És a dir, que podem fer nostre, altra vegada, el vell aforisme enigmàtic i totalitzador que ens anuncia que 'el camí s'ha iniciat i el viatge s'ha acabat'.

An approximate mathematical model for solidification of a flowing liquid in a microchannel

A mathematical model is developed to analyse the combined flow and solidification of a liquid in a small pipe or two-dimensional channel. In either case the problem reduces to solving a single equation for the position of the solidification front. Results show that for a large range of flow rates the closure time is approximately constant, and the value depends primarily on the wall temperature and channel width. However, the ice shape at closure will be very different for low and high fluxes. As the flow rate increases the closure time starts to depend on the flow rate until the closure time increases dramatically, subsequently the pipe will never close.

Survival, development and growth of larvae of the blue swimmer crab, Portunus pelagicus, cultured under different photoperiod conditions

The blue swimmer crab is a commercially important species of the tropical Indo-Pacific regions that shows substantial potential as a candidate species for aquaculture. Optimization of larval rearing conditions, including photoperiod, is therefore important to establish a method for the intensive hatchery culture of this species. Newly hatched larvae of Portunuspelagicus in first zoeal stage (ZI) were reared under five photoperiod regimes 0L: 24D, 6L: 18D, 12L: 12D, 18L: 6D, and 24L: 0D (5 replicates per treatment) till they metamorphosed to megalopae (ranged from 8.5 ± 0.3 days (18L: 6D) to 10.8 ± 1.8 days (0L: 24D) at 29 ± 1 °C). Daily, larvae of each treatment were fed an identical diet of mixed rotifer and Artemia nauplii, and the survival and molt to successive stages was monitored. Newly hatched ZI larvae of P. pelagicus could successfully develop to the megalopal stage under all tested photoperiod conditions, but we detected significant differences in survival among treatments (p & 0.05). The constant darkness treatment (0L: 24D) had the lowest (19.2 ± 7.2%, mean ± S.E.) cumulative survival from ZI to the megalopal stage, while the 18L: 6D treatment achieved the highest survival (51.2 ± 23.6%). Similarly, the photoperiod significantly affected zoeal development. Constant darkness led to the longest cumulative zoeal duration (10.8 ± 1.8 days), whereas the 18L: 6D treatment rendered the shortest larval development (8.5 ± 0.3 days). In addition, larvae reared under constant darkness resulted in the smallest megalopae (carapace length = 1.44 ± 0.09 mm) and the lowest dry weight (0.536 ± 0.188 mg). In conclusion, photoperiod significantly affected the survival, development, and growth of P. pelagicus zoeal larvae. Constant darkness led to the lowest larval survival and developmental rate, while a photoperiod regime of 18L: 6D appeared to be the most suitable condition for the rearing of zoeal larvae of P. pelagicus.

Expectativas del paciente y su correlación con la escala de Constant y el cuestionario de calidad de vida SF-36

El objetivo del estudio es la evaluación subjetiva del hombro a través del análisis de expectativas en el dolor, la funcionalidad, las actividades de la vida diaria y la fuerza que el paciente espera obtener tras el tratamiento de la patología del hombro, y posteriormente, evaluar la correlación de estos datos obtenidos con los resultados en la escala de Constant y en el SF- 36. La hipótesis que nos planteamos fue que las expectativas del paciente son independientes del estado funcional del hombro y de la percepción de la calidad de vida.

Moduli of smoothness and rate of a.e. convergence for some convolution operators

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