Download Growth, Accumulation, and Unproductive Activity: An Analysis by Edward N. Wolff PDF

April 5, 2017 | Economic Theory | By admin | 0 Comments

By Edward N. Wolff

This publication files the expansion of unproductive job within the usa economic climate on account that global battle II and its relation to the commercial surplus, capital accumulation, and financial progress. Unproductive actions greatly encompass these fascinated about the flow method, together with wholesaling and retailing, banking and fiscal companies, ads, felony providers, enterprise companies and lots of (though no longer all) govt actions. the implications point out that the extent of unproductive job within the postwar economic climate has been a major factor within the slowdown within the expense of capital accumulation, productiveness development and the final progress expense. right here, the villain is proven to be the slow yet power shift of assets to unproductive actions. The end result has been a discount in new capital formation and productiveness progress and an erosion within the expense of development in in step with capita dwelling criteria. additionally, the increase in unproductive job is itself visible to be rooted within the good judgment of complicated capitalism. The forces of festival, which within the early levels of capitalism bring about quick technical switch and productiveness development, advertise non-productive or even counterproductive actions in its extra complicated levels.

Show description

Read Online or Download Growth, Accumulation, and Unproductive Activity: An Analysis of the Postwar US Economy PDF

Best economic theory books

Transforming Economics: Perspectives on the Critical Realist Project (Economics As Social Theory)

Economics has turn into polarised. at the one hand there's a physique of economists who crisis themselves with progressing their self-discipline through an expanding use of mathematical modelling. however, there are economists who think passionately that during order for economics to be important it must take account of its historical past, its impression on society and its actual international functions.

Dynamic Factor Demand in a Rationing Context: Theory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany

A macroeconomic disequilibrium version is built for the Federal Republic of Germany. beginning with a microeconomic version of firm's behaviour, the optimum dynamic adjustment of employment and funding is derived. The version of the company is complemented by way of an explicite aggregation method which permits to derive macroeconomic relatives.

Seven Figures in the History of Swedish Economic Thought: Knut Wicksell, Eli Heckscher, Bertil Ohlin, Torsten Gårdlund, Sven Rydenfelt, Staffan Burenstam Linder and Jaime Behar

Who're the best financial thinkers of Sweden? Seventeen essays on seven Swedish economists target to respond to this query, exploring the contributions of Knut Wicksell, Eli Heckscher, Bertil Ohlin, Torsten Gårdlund, Sven Rydenfelt, Staffan Burenstam Linder and Jaime Behar. Swedish educational economists have most often withdrawn from the general public debate yet this booklet celebrates Swedish financial inspiration from Knut Wicksell to the current.

Additional resources for Growth, Accumulation, and Unproductive Activity: An Analysis of the Postwar US Economy

Sample text

The stock put forward in this case is capital and the labor employed is productive. Alternatively, the man can use his stock for consumption. He can hire labor, servants for example, to service his immediate needs. No product is sold, the wages expended on the servant are not returned, and no profit is generated. 3 The exchange cycles in which productive and unproductive labor are involved are thus quite distinct. The capitalist advances a wages fund to hire productive labor, who transform the raw material inputs into a finished product owned by the capitalist and sold at a price sufficient to cover the costs of labor and raw materials and to provide a profit.

393, emphasis added). In general, the reproduction of any economy must preserve both the social relations of production and the forces of production. 5 The forces of production take the form of the concrete means of production and the composition of labor power. Therefore, reproduction must guarantee the preservation of the material elements of production, including labor power, and that of the capitalist and labor classes, which takes the form of the restoration of the value of capital. Part III of volume 2 of Capital details the reproduction requirements of capitalism.

Karl Marx, of course, had proposed in Chapter 13 of volume 3 of Capital the law of the tendency of the rate of profit to fall, which states that the mass of surplus value will decline relative to the value of constant capital over time. This law was argued on theoretical grounds and assumed a 7 More specifically, the fixity of both unproductive intermediate and labor input coefficients in productive sectors will cause the growth rate of total labor productivity (TLP), defined as the inverse of the direct plus indirect labor requirements per unit of output, to decline over time in the productive sectors.

Download PDF sample

Rated 4.92 of 5 – based on 40 votes