Download An Unholy Trinity: Labor, Capital and Land in the New by Duncan K. Foley PDF

By Duncan K. Foley

A few of the imperative result of Classical and Marxian political economic climate are examples of the self-organization of the capitalist economic system as a posh, adaptive method faraway from equilibrium.An Unholy Trinity explores the kin among modern complicated platforms concept and classical political economic system, and applies the tools it develops to the issues of prompted technical switch and source of revenue distribution in capitalist economies, the keep an eye on of environmental externalities comparable to worldwide warming and the stabilization of the area population.The arguments and strategies of this significant e-book deal with imperative difficulties either one of fiscal technological know-how and financial coverage and supply clean paths for theoretical exploration.

Show description

Read or Download An Unholy Trinity: Labor, Capital and Land in the New Economy (Graz Schumpeter Lectures, 6) PDF

Similar economic policy books

A Political and Economic Dictionary of Western Europe (Political and Economic Dictionaries)

A Political and monetary Dictionary of Western Europe is a useful consultant for these looking rationalization of phrases, or a brief reference resource. the diversity of entries is huge and encompasses the hot historical past and financial system of every state of the zone in addition to political events, geographical gains, well known participants, overseas enterprises and key companies.

The Wages of Destruction: The Making and Breaking of the Nazi Economy

This chilling, attention-grabbing new publication is the 1st to become familiar with how Hitler's Nazi empire quite functioned. there has been no point of Nazi energy untouched by means of economics - it used to be Hitler's obsession and the explanation the Nazis got here to energy within the first position. the second one global struggle was once fought, in Hitler's view, to create a ecu Empire robust sufficient to tackle the us - a final probability for Europe to dig itself in sooner than being swept away via the USA's ever larger energy.

Economic Growth in the Asia Pacific Region

This e-book seeks to account for what James H. Gapinski calls the "miraculous" development of Asian economies. He examines a number of significant determinants of development, together with capital volume (gross funding and actual depreciation), capital caliber (embodied technical progress), exertions volume (employment), hard work caliber (education), overseas exchange (exports and openness), and overall issue productiveness (growth now not accounted for by way of capital and exertions quantity).

The Accumulation of Freedom Writings on Anarchist Economics

The single hindrance of capitalism is capitalism itself. Let's toss credits default swaps, bailouts, environmental externalities and, whereas we are at it, deepest possession of construction within the dustbin of heritage. the buildup of Freedom brings jointly economists, historians, theorists, and activists for a first-of-its-kind examine of anarchist economics.

Additional resources for An Unholy Trinity: Labor, Capital and Land in the New Economy (Graz Schumpeter Lectures, 6)

Example text

Even if some individual capitalists were to make a practice of sharing productivity gains with their workers, they would quickly find themselves at a disadvantage with respect to even marginally less generous or responsible competitors. Thus, Malthus, Ricardo, and Marx looked for some ultimate floor to the wage, with the expectation that wages would normally be forced down to this floor. Malthus wanted to locate this floor in biological terms, in 36 Innovative capitalism and the distribution of income the minimal standard of living required for the successful reproduction of workers as a class.

This is the pattern foreseen by Marx and Smith. Smith expected the widening division of labor accompanying capital accumulation to outweigh diminishing returns to limited land. Marx argued that the essential genius of capitalist production lay in its bias toward technical progressivity, due to the competitive pressure on individual capitalists to lower costs and their ability to control innovation as the organizers of social production. ) Innovative capitalism and the distribution of income 41 Both Smith and Marx foresaw a systematic bias in the pattern of technical change in industrial capitalist economies, in which the productivity of labor (the ratio of measures of real output to the employed labor force) would rise, and the ratio of real output to accumulated real output used as capital (which, in the interests of economy of words we can call the productivity of capital) would fall.

Robert Solow’s influential model of growth reflects these ideas, which have the implication that the rate of growth of the capitalist economy is ultimately limited by the rate of growth of labor-supply. Duménil and Lévy remind us that the rate of growth of the productivity of capital is also influenced by distribution. This point can be made in a number of modeling contexts, but at its root depends on the simple observation that the contribution of any input-saving innovation to raising the profit rate is proportional to the share of the input in cost.

Download PDF sample

Rated 4.53 of 5 – based on 13 votes