"The Marxian story goes from actual profit rates to expected profit rates to accumulation to aggregate demand. This means that in the first part of the story sketched in the previous paragraph, we might see expected profit rates rising, boosting actual profit-rate realization, which helps raise expected profit rates. This is sort of like a Keynesian multiplier/accelerator process, but it cannot continue in the second part of the story."
But isn't this the real story: from declining profits on marginal (real) investments to speculation and bubbles (abetted by the Fed) to higher expected profit rates to higher debt-financed expenditures to higher actual profit rates until the bubble pops.
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