Download or read book Growth Accumulation and Unproductive Activity written by Edward N. Wolff and published by Cambridge University Press. This book was released on 1987 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals that the high level of unproductivity in the U.S. economy since World War II has been a significant factor in the slowdown of growth in the rate of capital accumulation, productivity growth, and the overall growth rate. Attributes the negative tendency to the gradual but persistent shift of resources to unproductive activities.
Download or read book Growth Accumulation and Unproductive Activity written by Edward N. Wolff and published by Cambridge University Press. This book was released on 2006-12-14 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.
Download or read book Productive Stagnation and Unproductive Accumulation in the United States 1947 2011 written by Tomás N. Rotta and published by . This book was released on 2014 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: My doctoral research addresses the question of how productive and unproductive forms of capital accumulation interact in the United States. My contribution is to first develop a new understanding of the labor theory of value in order to better explain how financial and rentier forms of revenues relate to the wealth created in productive activities. Second, I offer an innovative analysis of historical trends regarding unproductive accumulation in the postwar United States economy. For that purpose, I propose a new methodology to estimate Marxist categories from conventional input-output matrices, national income accounts, and employment data. A core feature of my methodology is the idea that the production of knowledge and information is an unproductive activity. Third, I employ time series econometric techniques to formally evaluate the coevolution between productive and unproductive forms of capital accumulation. My methods therefore consist of a combination of theoretical arguments, descriptive empirical analysis, and econometrics. The way in which productive and unproductive capitals interact has changed substantially throughout the postwar period in the United States. The accumulation pattern observed during the 1947-1979 phase, which prioritized productive accumulation, gave way after the 1980s to a contrasting pattern prioritizing unproductive accumulation. Unproductive activity has been growing significantly in terms of incomes, fixed assets, and employment. Among all forms of unproductive activity, finance and the creation of knowledge and information have constituted a rising share of total unproductive income and capital stock. Furthermore, productive stagnation and unproductive accumulation have been closely related to greater exploitation of productive workers and to overall income inequality. The objective of my econometric study is to answer two questions: Does unproductive accumulation hinder or induce productive accumulation, in terms of both short- and long-run effects? Conversely, does productive stagnation lead to faster unproductive accumulation? I provide an econometric assessment of a question that other scholars have so far considered mostly through verbal or descriptive approaches. The main results are as follows. First, productive and unproductive forms of accumulation share no common trend or no stable long-run equilibrium relationship. There is, hence, no self-correcting mechanism that brings these two forms of capital accumulation back into a stable long-run equilibrium. Second, productive and unproductive forms of accumulation tend to be mutually reinforcing in the short term. Despite consuming the surplus from productive endeavors, unproductive accumulation still has a net positive effect on productive accumulation. Third, I find evidence of an absolute crowding-in effect (or positive level effect) coupled with a relative crowding-out effect (or negative share effect) between productive and unproductive forms of capital accumulation. The total value produced in productive activities grows faster when the unproductive capital grows, but slows down when the unproductive capital stock grows faster than the productive capital stock. Fourth, I find evidence of reverse causality indicating that the share of unproductive capital stock grows faster when there is a slowdown in the total value produced in productive activities. The combination of theoretical analysis and empirical findings in this study provides a new assessment of how unproductive accumulation and productive stagnation have been core features of the postwar United States economy. Predicated on the concepts of knowledge-rent and of autonomization, I offer a theoretical explanation of unproductive growth that builds on and expands Marxist political economy and the Marxist labor theory of value. The concept of knowledge-rent reveals that the commodification of knowledge expands rentier capitalism. The principle of autonomization uncovers how unproductive activities have a tendency to generate abstract forms of wealth that are increasingly separated from the production of surplus value in productive activities. Even though unproductive accumulation occurs together with rising levels of exploitation of productive workers, capitalism in the United States is an economic system that generates unproductive incomes that gradually obscure the source of new wealth in the exploitation of labor.
Download or read book Growth Accumulation and Unproductive Activity written by Edward N. Wolff and published by Cambridge University Press. This book was released on 1986-10-31 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.
Download or read book Understanding Capital written by Duncan K. Foley and published by . This book was released on 1986-11-13 with total page 1302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding Capital is a brilliantly lucid introduction to Marxist economic theory. Duncan Foley builds an understanding of the theory systematically, from first principles through the definition of central concepts to the development of important applications. All of the topics in the three volumes of Capital are included, providing the reader with a complete view of Marxist economics. Foley begins with a helpful discussion of philosophical problems readers often encounter in tackling Marx, including questions of epistemology, explanation, prediction, determinism, and dialectics. In an original extension of theory, he develops the often neglected concept of the circuit of capital to analyze Marx’s theory of the reproduction of capital. He also takes up central problems in the capitalist economy: equalization of the rates of profit (the “transformation problem”); productive and unproductive labor and the division of surplus value; and the falling rate of profit. He concludes with a discussion of the theory of capitalist crisis and of the relation of Marx’s critique of capitalism to his conception of socialism. Through a careful treatment of the theory of money in relation to the labor theory of value, Foley clarifies the relation of prices to value and of Marx’s categories of analysis to conventional business and national income accounts, enabling readers to use Marx’s theory as a tool for the analysis of practical problems. The text is closely keyed throughout to the relevant chapters in Capital and includes suggestions for further reading on the topics discussed.
Download or read book Unproductive Outlays and Capital Accumulation with Target return Pricing written by Marc Lavoie and published by Department of Economics, University of Ottawa = Dép. de science économique, Université d'Ottawa. This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Download or read book Accumulation and Power written by Richard B. DuBoff and published by Routledge. This book was released on 2016-07-22 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accumulation and Power analyses America’s economic development across three great waves of economic expansion: the Grand Traverse 1850-1900, the New Era 1916-1929 and the Great Postwar Boom, 1945-1972. Drawing on the work of Keynes, Schumpeter, Marx it departs radically from the "new economic history" model, focusing instead on capitalist decision making and its social consequences. It argues that the accumulation process is far more important than competitive markets in explaining resource allocation and growth. This innovative book is essential reading for all students and scholars of American economic history.
Download or read book Productivity written by and published by . This book was released on 1990 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Prosperity without Growth written by Tim Jackson and published by Taylor & Francis. This book was released on 2016-12-08 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: What can prosperity possibly mean in a world of environmental and social limits? The publication of Prosperity without Growth was a landmark in the sustainability debate. Tim Jackson’s piercing challenge to conventional economics openly questioned the most highly prized goal of politicians and economists alike: the continued pursuit of exponential economic growth. Its findings provoked controversy, inspired debate and led to a new wave of research building on its arguments and conclusions. This substantially revised and re-written edition updates those arguments and considerably expands upon them. Jackson demonstrates that building a ‘post-growth’ economy is a precise, definable and meaningful task. Starting from clear first principles, he sets out the dimensions of that task: the nature of enterprise; the quality of our working lives; the structure of investment; and the role of the money supply. He shows how the economy of tomorrow may be transformed in ways that protect employment, facilitate social investment, reduce inequality and deliver both ecological and financial stability. Seven years after it was first published, Prosperity without Growth is no longer a radical narrative whispered by a marginal fringe, but an essential vision of social progress in a post-crisis world. Fulfilling that vision is simply the most urgent task of our times.
Download or read book The Elusive Quest for Growth written by William R. Easterly and published by MIT Press. This book was released on 2002-08-02 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why economists' attempts to help poorer countries improve their economic well-being have failed. Since the end of World War II, economists have tried to figure out how poor countries in the tropics could attain standards of living approaching those of countries in Europe and North America. Attempted remedies have included providing foreign aid, investing in machines, fostering education, controlling population growth, and making aid loans as well as forgiving those loans on condition of reforms. None of these solutions has delivered as promised. The problem is not the failure of economics, William Easterly argues, but the failure to apply economic principles to practical policy work. In this book Easterly shows how these solutions all violate the basic principle of economics, that people—private individuals and businesses, government officials, even aid donors—respond to incentives. Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem. Written in an accessible, at times irreverent, style, Easterly's book combines modern growth theory with anecdotes from his fieldwork for the World Bank.
Download or read book Firm Innovation and Productivity in Latin America and the Caribbean written by Inter-American Development Bank and published by Springer. This book was released on 2016-07-01 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume uses the study of firm dynamics to investigate the factors preventing faster productivity growth in Latin America and the Caribbean, pushing past the limits of traditional macroeconomic analyses. Each chapter is dedicated to an examination of a different factor affecting firm productivity - innovation, ICT usage, on-the-job-training, firm age, access to credit, and international linkages - highlighting the differences in firm characteristics, behaviors, and strategies. By showcasing this remarkable heterogeneity, this collection challenges regional policymakers to look beyond one-size-fits-all solutions and create balanced policy mixes tailored to distinct firm needs. This book is open access under a CC BY-NC-ND 3.0 IGO license.
Download or read book Productivity a Selected Annotated Bibliography written by and published by . This book was released on 1990 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Productivity written by Alistair Dieppe and published by World Bank Publications. This book was released on 2021-06-09 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Download or read book Growth and Distribution written by Duncan K. Foley and published by Harvard University Press. This book was released on 2019-02-11 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors Foley, Michl, and Tavani offer a major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation.
Download or read book The Value of Marx written by Alfredo Saad Filho and published by Routledge. This book was released on 2001-11-29 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes an overview of recent developments in political economy in general, and Marxist value theory in particular. The implications of value theory for bank credit, inflation and deflation are fully explored.
Download or read book The New Imperialism written by David Harvey and published by OUP Oxford. This book was released on 2005-02-24 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: People around the world are confused and concerned. Is it a sign of strength or of weakness that the US has suddenly shifted from a politics of consensus to one of coercion on the world stage? What was really at stake in the war on Iraq? Was it all about oil and, if not, what else was involved? What role has a sagging economy played in pushing the US into foreign adventurism and what difference does it make that neo-conservatives rather than neo-liberals are now in power? What exactly is the relationship between US militarism abroad and domestic politics? These are the questions taken up in this compelling and original book. Closely argued but clearly written, 'The New Imperialism' builds a conceptual framework to expose the underlying forces at work behind these momentous shifts in US policies and politics. The compulsions behind the projection of US power on the world as a 'new imperialism' are here, for the first time, laid bare for all to see. This new paperback edition contains an Afterword written to coincide with the result of the 2004 American presidental election.