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Over-accumulation, Rising Costs and ‘Unproductive’ Labor

Author

Listed:
  • Cédric Durand

    (Université Paris-13, Sorbonne Paris-Cité, CEPN and CEMI)

  • Philippe Légé

    (CRIISEA-UPJV, France)

Abstract

The current crisis takes place within a long downturn and new debates on the future of growth are emerging. This paper argues that some theoretical insights made by classical economists about the end of economic expansion are relevant for the discussion on the prospects for growth in rich countries. We focus on three key mechanisms related to contemporary radical economic analysis: over-accumulation, rising costs of accumulation, and the balance between productive and unproductive labor and consumption.

Suggested Citation

  • Cédric Durand & Philippe Légé, 2014. "Over-accumulation, Rising Costs and ‘Unproductive’ Labor," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(1), pages 35-53, March.
    • Handle: RePEc:sae:reorpe:v:46:y:2014:i:1:p:35-53
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    More about this item

    Keywords

    stationary state; long downturn; Smith; Marx; over accumulation;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects

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