Technological Change, Rate of Profit and China's Economic Growth-Based on the Marxist Economic Growth Model

Abstract

Abstract: Based on Marxian theory of capital accumulation, this paper constructs an economic growth model and demonstrates the important influence of technology change and income distribution on economic growth through profit rate. Using the data of China's national economy, this paper calculates the relevant indicators of labor theory of value, and verifies the theory through regression analysis. Based on the decomposition of the rate of change of profit rate, we find that the decline of profit rate caused by the rising organic composition is an important factor for the slowdown of China's economic growth in the previous stage. Combined with Marx's theory of technological change, this paper points out that through the organic combination of market and government, improving the efficiency of technological innovation, increasing the share of labor income, maintaining a certain level of profit margin and sustained economic growth is the inevitable direction of the development of socialist market economy.

Key words: rate of profit, economic growth, marxist, technological change

CLC Number:

F124

LUO Zhen, XU Hao-xiang. Technological Change, Rate of Profit and China's Economic Growth-Based on the Marxist Economic Growth Model[J]. Journal of Guizhou University of Finance and Economics, 2021(06): 11-18.

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