Artus has studied the accumulation of productive capital in the US between 1992 and 2000. The study reveals that around 1996-97, as the ratio of productive capital to GNP continues to increase, the ratio of profits to GNP suddenly begins to fall. This confirms, says Artus, that the rate of profit will fall at a given stage of capital accumulation. Artus then shows that this fall of profitability can only be countered by reducing the part of variable capital - the cost of labor - through the creation of an industrial reserve army - i.e. unemployment. Artus concludes: "Everything indicates that profitability can only be stabilised in the U.S. at the cost of an increase of approximately 7% in unemployment, its post-recessionary level in 1993." ------------------------------------------- http://www.lemonde.fr/imprimer_article_ref/0,9187,3234--258451,00.html Parole d'économiste, "Karl Marx is back..."
• LE MONDE | 18.01.02 | 16h28
"Karl Marx is back", Patrick Artus CDC Ixis, étude "Flash", 4 janvier 2002 ------------------------------------------- Hakki