China’s economy as a result has become less efficient. The amount of capital input needed to generate one unit of economic growth has nearly doubled since 2012
Oh no!!! NOT THE UNDEFINED UNITS OF ECONOMIC GROWTH BECOMING MORE EXPENSIVE! That’s far more important than reducing homelessness!!!
Isn’t that just a feature of China growing and further growth always being more expensive because it requires more or scarcer resources or more specialized forms of labor?
Isn’t that just a feature of China growing and further growth always being more expensive because it requires more or scarcer resources or more specialized forms of labor?
Like isn’t that the case in any economy?
The Rate of Profit doesn't have a tendency to decline, silly. That would imply that Capitalism is unsustainable and inevitably leads to crises!
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For a large part yes, but you try in western economics to look at the variables as unconnected to the world and unconnected to consequences.
It’s the tendency of the rate of profit to fall, and is a tendency in every market long term