Technology, distribution, and long-run profit rate dynamics in the U.S. manufacturing sector, 1948-2011: evidence from a Vector Error Correction Model (VECM)
The examination of the determining factors of long-run profitability in the manufacturing sector has been largely neglected in the literature. Existing studies either overlook the internal profit dynamics of the sector for the sake of international developments or do not go beyond the application of descriptive statistics. Starting from the theoretical concepts of Marx-biased technical change and