Investigating the law of tendential fall in the rate of profit based on feedback control
The rate of profit is a key element for understanding the movement of capitalism such as technological progress and economic crisis. Even though capitalists seek larger profit rates, there exists a tendency of stagnating or falling profit rates. According to Marx, the rate of profit would tend to de...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Elsevier
2023-09-01
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| Series: | Journal of King Saud University: Computer and Information Sciences |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S131915782300246X |
| _version_ | 1797663896662704128 |
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| author | Seong-Jin Park Jung-Min Yang |
| author_facet | Seong-Jin Park Jung-Min Yang |
| author_sort | Seong-Jin Park |
| collection | DOAJ |
| description | The rate of profit is a key element for understanding the movement of capitalism such as technological progress and economic crisis. Even though capitalists seek larger profit rates, there exists a tendency of stagnating or falling profit rates. According to Marx, the rate of profit would tend to decline in the long run as a result of technological progress, termed the law of tendential fall in the profit rate. This article introduces a novel approach based on the discrete-time feedback control mechanism to elucidate Marx’s theory. Specifically, this study presents a mechanism and conditions to show how the effort to maximize the profit rate, implemented by designing an “appropriate” control law under the sampling of fiscal years, eventually leads to the gradual decrease in the rate of profit in the long run. |
| first_indexed | 2024-03-11T19:21:26Z |
| format | Article |
| id | doaj.art-bd7211e1f029490b96cbf4c941cc92aa |
| institution | Directory Open Access Journal |
| issn | 1319-1578 |
| language | English |
| last_indexed | 2024-03-11T19:21:26Z |
| publishDate | 2023-09-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of King Saud University: Computer and Information Sciences |
| spelling | doaj.art-bd7211e1f029490b96cbf4c941cc92aa2023-10-07T04:34:04ZengElsevierJournal of King Saud University: Computer and Information Sciences1319-15782023-09-01358101692Investigating the law of tendential fall in the rate of profit based on feedback controlSeong-Jin Park0Jung-Min Yang1Department of Electrical and Computer Engineering, Ajou University, 206 Worldcup-ro, Yeongtong-gu, Suwon 16499, Republic of KoreaSchool of Electronics Engineering, Kyungpook National University, 80 Daehakro, Bukgu, Daegu 41566, Republic of Korea; Corresponding author.The rate of profit is a key element for understanding the movement of capitalism such as technological progress and economic crisis. Even though capitalists seek larger profit rates, there exists a tendency of stagnating or falling profit rates. According to Marx, the rate of profit would tend to decline in the long run as a result of technological progress, termed the law of tendential fall in the profit rate. This article introduces a novel approach based on the discrete-time feedback control mechanism to elucidate Marx’s theory. Specifically, this study presents a mechanism and conditions to show how the effort to maximize the profit rate, implemented by designing an “appropriate” control law under the sampling of fiscal years, eventually leads to the gradual decrease in the rate of profit in the long run.http://www.sciencedirect.com/science/article/pii/S131915782300246XEconomic systemFeedback controlNonlinear systemProfit rate |
| spellingShingle | Seong-Jin Park Jung-Min Yang Investigating the law of tendential fall in the rate of profit based on feedback control Journal of King Saud University: Computer and Information Sciences Economic system Feedback control Nonlinear system Profit rate |
| title | Investigating the law of tendential fall in the rate of profit based on feedback control |
| title_full | Investigating the law of tendential fall in the rate of profit based on feedback control |
| title_fullStr | Investigating the law of tendential fall in the rate of profit based on feedback control |
| title_full_unstemmed | Investigating the law of tendential fall in the rate of profit based on feedback control |
| title_short | Investigating the law of tendential fall in the rate of profit based on feedback control |
| title_sort | investigating the law of tendential fall in the rate of profit based on feedback control |
| topic | Economic system Feedback control Nonlinear system Profit rate |
| url | http://www.sciencedirect.com/science/article/pii/S131915782300246X |
| work_keys_str_mv | AT seongjinpark investigatingthelawoftendentialfallintherateofprofitbasedonfeedbackcontrol AT jungminyang investigatingthelawoftendentialfallintherateofprofitbasedonfeedbackcontrol |