Economic Growth and the Rate of Profit in Colombia 1967–2019
A VAR Time-Series Analysis
Bibliographic Data
| ID | 21549422 |
|---|---|
| Authors | Carlos Alberto Duque Garcia (0000-0002-5740-7990, Universidad Autonoma Metropolitana Azcapotzalco, Azcapotzalco, Mexico, corresponding author) |
| Year | 2022 |
| Volume | 54 |
| Issue | 3 |
| Pages | 298-316 |
| Publication date | 2022-09-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Review of Radical Political Economics (JOURNAL) |
| Journal identifiers | ISSN: 0486-6134 • E-ISSN: 1552-8502 |
| Publisher | SAGE Publications (PUBLISHER • US) |
| DOI | 10.1177/04866134221082212 |
| OpenAlex | W4220832705 |
| Language | EN |
| Citations received | 4 |
| References cited | 38 |
In recent decades, there has been a growing literature dealing with the empirical estimation of the rate of profit and other Marxian variables in several countries. Nonetheless, there has been a paucity of econometric research about the impact of those Marxian variables on the growth rate in developing countries. This article seeks to evaluate the rate of profit and the rate of accumulation as determinants of the growth rate in Colombia during 1967–2019, using a generalized vector autoregressive model. We find that both variables are statistically significant and, in concordance with Marxian theory predictions, affect positively the growth rate. We also identify direct impacts of the growth rate over the profit rate and the accumulation rate as well as an economic relevant relationship between these latter variables. JEL Classification: B51, C22, O54
Autoregressive model · Econometrics · Economics · Growth rate · Microeconomics · Profit rate · Rate of profit · Statistics · Time series · Economic theories and models · Economic Theory and Policy · Mathematics · Monetary Policy and Economic Impact
Capitalism
Measuring the Wealth of Nations
The Economic History of Latin America since Independence
Marxian crisis theory and the rate of profit in the postwar U.S. economy
Generalized impulse response analysis in linear multivariate models
Critical values for multiple structural change tests
Macroeconomics and Reality
Testing for a unit root in time series regression
Testing the null hypothesis of stationarity against the alternative of a unit root
Distribution of the Estimators for Autoregressive Time Series with a Unit Root
Karl Marx’s Theory of Money and Credit
Quantitative Empirical Research in Marxist Political Economy
Recent Developments in the Labor Theory of Value
The Empirical Strength of the Labour Theory of Value
The Monetary Aspects of the Capitalist Process in the Marxian System
Capital
Money and Totality
Marx and Non-equilibrium Economics
The Falling Rate of Profit in the Postwar United States Economy
The Value of Money the Value of Labor Power and the Marxian Transformation Problem
A Temporal Single-system Interpretation of Marx's Value Theory
Profitability Capital Accumulation and Crisis in the Greek Economy 1958–2009
Vector Autoregressions
Trends of Marxian Ratios in South Korea, 1980-2014
Testing Marx
The Agrarian Question and Violence in Colombia
| Citations per year | 1.33 |
|---|---|
| Citation span | 2023 - 2026 (4) |
| Highly cited | No |