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Technical progress, capital accumulation and income distribution in Classical economics: Adam Smith, David Ricardo and Karl Marx

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  • Heinz Kurz

Abstract

The paper discusses the analyses of technical progress, capital accumulation and income distribution elaborated by three major classical economists: Adam Smith, David Ricardo and Karl Marx. The interpretation given is partly inspired by Piero Sraffa's studies in his hitherto unpublished papers. It will be argued that in the classical authors we encounter a sophisticated typology of different forms of technical change and an analysis of the different effects these have. These forms can be analysed in terms of shifts of the inverse relationship between the general rate of profits and wages, or wage frontier. The emphasis will be on Adam Smith's concept of the division of labour, Ricardo's analysis of the substitution of machine power for labour power, and Marx's adaptation of Ricardo's argument to his own analytical framework in terms of a rising organic composition of capital.

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  • Heinz Kurz, 2010. "Technical progress, capital accumulation and income distribution in Classical economics: Adam Smith, David Ricardo and Karl Marx," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1183-1222.
    • Handle: RePEc:taf:eujhet:v:17:y:2010:i:5:p:1183-1222
    DOI: 10.1080/09672567.2010.522242
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    References listed on IDEAS

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    1. Riccardo Bellofiore (ed.), 1998. "Marxian Economics: A Reappraisal," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-26118-5.
    2. Riccardo Bellofiore (ed.), 1998. "Marxian Economics: A Reappraisal," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-26121-5.
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    Citations

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    Cited by:

    1. Gunther Tichy, 2016. "Geht der Arbeitsgesellschaft die Arbeit aus?," WIFO Monatsberichte (monthly reports), WIFO, vol. 89(12), pages 853-871, December.
    2. David Haas, 2016. "The evolutionary traverse: a causal analysis," Journal of Evolutionary Economics, Springer, vol. 26(5), pages 1173-1193, December.
    3. Eric Kemp-Benedict, 2022. "A classical-evolutionary model of technological change," Journal of Evolutionary Economics, Springer, vol. 32(4), pages 1303-1343, September.
    4. Muhammad Murtaza & Muhammad Ayyoub & Aisha Riaz & Riaz Ahmed, 2023. "Examining Linkages between Poverty Alleviation and Macroeconomic Performance in Pakistan," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(2), pages 665-678.
    5. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2022. "Computational methods and classical‐Marxian economics," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 310-349, April.
    6. Eric Kemp‐Benedict, 2020. "Convergence of actual, warranted, and natural growth rates in a Kaleckian–Harrodian‐classical model," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 851-881, November.
    7. Sangjun Jeong, 2017. "Biased Technical Change and Economic Growth: The Case of Korea, 1970–2013," Research in Political Economy, in: Return of Marxian Macro-Dynamics in East Asia, volume 32, pages 81-103, Emerald Group Publishing Limited.
    8. Heinz D. Kurz, 2017. "Is there a “Ricardian Vice”? And what is its relationship with economic policy ad“vice”?," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 91-114, January.
    9. Kurz, Heinz D., 2018. "Stigler on Ricardo," Centro Sraffa Working Papers CSWP27, Centro di Ricerche e Documentazione "Piero Sraffa".
    10. Michael Gaul, 2024. "A Discussion of Marx’s Account of Technical Progress by Means of Wage Curves and Their Historical Evolution," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(2), pages 267-299, June.
    11. Miguel D. Ramirez, 2019. "Marx and Ricardo on machinery: a critical note," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 26(1), pages 81-100, January.
    12. Arrigo Opocher, 2010. "Measuring productivity increase by long-run prices: the early analyses of G.R. Porter and R. Giffen," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1271-1291.
    13. Miguel D. Ramirez, 2018. "The Organic Composition of Capital and Technological Unemployment: Marx's and Ricardo's Intellectual Debt to John Barton and George Ramsay," Working Papers 1708, Trinity College, Department of Economics, revised Aug 2020.
    14. Kurz, Heinz D., 2022. "Re-reading Carl Menger’s Grundsätze. A Book That “Cries Out To Be Surpassed”," Centro Sraffa Working Papers CSWP52, Centro di Ricerche e Documentazione "Piero Sraffa".
    15. Charpe, Matthieu & Bridji, Slim & Mcadam, Peter, 2020. "Labor Share And Growth In The Long Run," Macroeconomic Dynamics, Cambridge University Press, vol. 24(7), pages 1720-1757, October.
    16. Andrea Ricci, 2016. "Unequal Exchange in International Trade:A General Model," Working Papers 1605, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    17. Eric Kemp-Benedict & Yun K. Kim, 2018. "Technological Change, Household Debt, and Distribution," Working Papers 2018-02, University of Massachusetts Boston, Economics Department.
    18. Heinz Kurz, 2012. "Schumpeter’s new combinations," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 871-899, November.
    19. Freni, Giuseppe & Salvadori, Neri, 2016. "Ricardo on Machinery: A Textual Analysis," MPRA Paper 73427, University Library of Munich, Germany.

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