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

By Duncan K. Foley

The various important result of Classical and Marxian political financial system are examples of the self-organization of the capitalist economic climate as a fancy, adaptive approach faraway from equilibrium.An Unholy Trinity explores the kin among modern advanced structures concept and classical political economic system, and applies the equipment it develops to the issues of brought about technical swap and source of revenue distribution in capitalist economies, the regulate of environmental externalities comparable to international warming and the stabilization of the realm population.The arguments and techniques of this significant booklet tackle primary difficulties either one of financial technological know-how and financial coverage and supply clean paths for theoretical exploration.

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

Sample text

If indeed the uncontrolled emission of greenhouse gases will impose a net cost on economic production (through the balance of increased storm damage, flooding of valuable land, increased agricultural productivity in high latitudes, and the host of other impacts of world climate change) then it should be possible to design a mitigation scheme which improves the economic welfare of both current and future generations. The mitigation of global warming, from an economic point of view, poses the problem of distributing a net benefit to different countries and generations, not the problem of allocating a net cost, as politicians and diplomats tend to see it.

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. Since the profit rate is r = (1 − ω)ρ, a fall in capital productivity holding the wage share constant evidently lowers the profit rate.

The acquisition of skills, licensing and unions, the costs and risks of migration, linguistic and cultural differences, all present barriers to competition in the labor market. The rise in average wages that has taken place over the course of capitalist economic development has been extremely uneven. Both on the national and world scale disparities in workers’ income are just as notable as the increase in the average level of the wage. Recent work by Duménil and Lévy (1995), revisiting from the perspective of Marx’s theory of induced technical change the study of technical progress undertaken by earlier writers (Kennedy, 1964; Drandakis and Phelps, 1966; Shah and Desai, 1981; van der Ploeg, 1987) suggests some new approaches to the problem of distribution and growth.

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