LTRPF

AcronymDefinition
LTRPFLaw of the Tendency of the Rate of Profit to Fall (theory, Karl Marx)
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These positions can either be stable, as in the classical equilibrium hypothesis supported by Adam Smith and David Ricardo; unstable, due to technological progress (examples include Karl Marx and the LTRPF, and Joseph Schumpeter and the hypothesis of technological revolutions [Schumpeter 1942]); or due to a lack of aggregate demand (Keynes 1936), which in the Cambridge school variety (Kalecky 1937; Kaldor 1940; Robinson 1956) is reinterpreted, in terms of income distribution, as a recurring bias in favour of profit and to the detriment of wages.
To the literature supporting these fundamental propositions Adrian Sotelo Valencia's book adds a number of very distinct theoretical hypotheses as well as several well-aimed polemics against recent critiques of Marx's theory of labour value, the major postulates of which constitute the foundation of the LTRPF.