SITING THE JACOBIN ARTICLE AGAINST THE BACKDROP OF THE WORLD ECONOMY

Spreadsheet below for graphs and data

This concludes my analysis of the Jacobin article on the falling rate of profit or not. ERRATA Please note that Graph 1 is not correct as it implies the author has included foreign profits in his numerator which he has not done. To set the record straight please read the additional article below. Note as well, foreign profits or not, the net operating surplus derived from NIPA Table 1.16 remains problematic. None of my articles nor the calculations found therein rely on Table 1.16 so remain unaffected by this admission.

THE JACOBIN ARTICLE ON THE FALLING RATE OF PROFIT (FROP) – a correction.

Since obtaining the data used by the author of the Jacobin article it is clear that he did deduct the difference in depreciation from the net surplus side. The reason I thought he had not done so was because he used the wrong net surplus data to begin with, an error which inflated his rate of return due to its inclusion of internationally earned profits.

ZELENSKY DISCOVERS THAT NO ONE LOVES A LOSER.

ANOTHER ATTEMPT TO DISCREDIT THE TENDENCY FOR THE RATE OF PROFIT TO FALL (TRPF). This time by the Jacobin Magazine.

Given the long term decline in the rate of profit, now resumed since the Covid uplift, a number of articles have claimed that this decline is a mirage generated by the incorrect treatment of fixed capital. Michael Roberts informed me of this article and I volunteered to help rebut it. Michael Roberts’ reply will be published in the Jacobin journal shortly. This article compliments it by focusing more on defending the tendency for the rate of profit to fall based on what influences prices and profits. Like Jefferies before him,
Ackerman too uses depreciation to discredit the tendency for the rate of profit to fall and like Jefferies he too is guilty of a simple error.

WHEN IT COMES TO DISTINGUISHING GOODS PRODUCING WORKERS FROM SERVICE PRODUCING WORKERS, THE DIFFERENCE IN THE USE VALUES THEY PRODUCE IS IMMATERIAL, literally.

PROFITABILITY in Q2: JAPAN BUCKS THE TREND, CHINA DOES NOT.

UKRAINE THE OLD-EUROPEAN BREADBASKET, GERMANY THE NEW ECONOMIC BASKETCASE.