A. J. Brown’s scientific contributions

... It is noticeable that the authors disagree with a number of well-known and strongly upheld opinions among either orthodox (neoclassical, neo-Keynesian, monetarist, etc.) or heterodox (Marxian, Sraffian, post-Keynesian, etc.) economists, 3 by claiming that the Kaldorian 'stylized facts' of constant or stationary capital-output ratios, profit shares and wage shares in advanced capitalist economies are altogether mistaken and not backed by empirical evidence (Herrendorf, Rogerson and Valentiniy 2019); monopolistic and oligopolistic power of the major firms (the 'mega-corps') is not a reason for their dominance and cannot grant them long-run high profits (Tsoulfidis and Tsaliki 2019) -rather, it is the Law of Concentration and Centralization of Capital that makes these firms winners in a war-like free competition (Marx 1894); the rise of neoliberalism and deindustrialization is not the reason for contemporary stagnation, but the result of the system's 'overperformance' in the 'golden' decades of '50s and '60s, as well as the declining profitability -capitalists saw the disinvestment from the US and the investment abroad as the primary solution to this stagnation; the secular stagnation apparent in major capitalist economies since the '70s (as Steindl (1976) or Summers (2014) noticed) is not a new phenomenon, but a determinant causal law of the capitalist system; and the rise of financialization (Magdoff and Foster 2014) and the emergence of a 'Minksy moment' (clearly present in Fig. 1.3) (Whalen 2008) is the result of capitalists' inability to invest in the profitability-declining productive sectors. ...

Reference:

Declining profitability and the evolution of the US economy: a classical perspective: by Ascension Mejorado, and Manuel Roman, New York, Routledge, 2023, pp. 310, USD 180, ISBN 9781032538150