미국 경제의 이윤율 추이와 변동요인
An Analysis of the Tendency and Determinants of Profit Rate in the U.S. Economy
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초록
본 연구는 전통적 이윤율 분해방법과는 다른 이윤율 이중 분해방법을 이용하여 미국 경제의 이윤율 변화를 분석했다. 신자유주의 국면을 중심으로 본 연구의 내용을 정리하면, 신자유주의 국면의 저이윤율은 이전 국면보다도 낮은 잉여가치율과 높은 자본의 가치구성 때문이었다. 잉여가치율의 상대적 저수준은 노동생산성 증가율의 상대적 정체와 총생산물/임금재 상대가격의 하락을 동반했던 기술진보의 결과였다. 자본의 가치구성의 상대적 고수준은 자본의 기술적 구성의 고도화를 의미하는 노동절약적 기술진보 때문이었다. 그리고 2008년 금융위기 직전(즉, 신자유주의 제2국면)의 이윤율은 하락하는데, 이는 잉여가치율의 상승을 능가하는 자본의 가치구성의 상승 때문이었다. 제2국면의 자본의 가치구성의 고도화는 특히 자본의 기술적 구성을 고도화시키는 노동절약적 기술진보 때문이었다. 결국 신자유주의 국면의 저이윤율과 2008년 경제위기 발생 직전의 이윤율 저하는 무엇보다도 낮은 노동생산성 증가율과 자본의 기술적 구성의 고도화를 동반했던 기술진보가 그 근저에 놓여 있었다.
Abstract
This paper analyzes the change of the rate of profit in the U.S. economy with the method of dual decomposition of the profit rate different from the conventional method. The lower profit rate in the neoliberal phase resulted from the lower rate of surplus-value and the higher value composition of capital than the previous phase. The relatively low rate of surplus-value was induced by the technical change that was characterized by the relatively low growth rate of labor productivity and the fall of the relative price of the total product to the labor product. The relatively high value composition of capital was caused by the labor-saving technical change which means the increase of the technical composition of capital. Through the second phase of neoliberalism, that is, the period before the financial crisis at 2008, the profit rate decreased. This was the result of the increase of the value composition of capital more than the increase of the rate of surplus-value. The increase of the value composition of capital in this phase was the result of the labor-saving technical change which increased the technical composition of capital. To sum up, the technical change that was accompanied by the low growth rate of the labor productivity and the increase of the technical composition of capital formed the base of the low profit rate in the neoliberal phase and the decrease of the profit rate in the second phase of neoliberalism.
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