The US rate of profit 1964–2017 and the turnover of fixed and circulating capital

This article addresses how Marxist economists have estimated the quantity of fixed and circulating capital advanced in denominator rate profit calculation. Generally, used neoclassical estimates opportunity cost, as applied most notably, US system national accounts. These Hulten Wyckoff measures aggregate lifetime revenues (both costs profits) assets so grossly over estimate value stock. applies Internal Revenue Service Depreciable Assets less Depreciation for a more accurate actual advanced. Furthermore, it criticises absence convincing measure turnover Marx’s circuit accumulation M . C P C’ M’ estimates. Developing work Bertrand Fauqueur, this demonstrates that cash conversion cycle or net operating mirrors circuit. to Total Corporations data 1964–2017 turnover. The distinction between unproductive productive output develops an estimation those respective quantities based on data. It combines these elements together from 1964 2017. finds rose strongly, albeit with dramatic fluctuations, after 2001.