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Growth and distribution: the last 300 years

In: Inequality, Growth and ‘Hot’ Money

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Abstract

This chapter reviews how different schools of thought studied the interaction between income distribution and economic growth, axing the discussion along two lines. On the one hand, the implications of different sources of income (profits and wages) for investment and economic activity; on the other hand, the use of such income (either save or spend) as stimulant or break of economic expansion. The chapter surveys main authors of classical economics, Marxist writings, neoclassical authors and Keynes and early Keynesian economists. It is concluded that Keynes, Kalecki and their followers provided the first consistent break with Say’s Law, notwithstanding different interpretations of Marx’s analysis by underconsumptionist theorists.

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  • ., 2016. "Growth and distribution: the last 300 years," Chapters, in: Inequality, Growth and ‘Hot’ Money, chapter 2, pages 16-30, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16277_2
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    Cited by:

    1. Shafiullah, Md & Rahman, Syed Masiur & Mortoja, Md. Golam & Al-Ramadan, Baqer, 2016. "Role of spatial analysis technology in power system industry: An overview," Renewable and Sustainable Energy Reviews, Elsevier, vol. 66(C), pages 584-595.

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    Economics and Finance;

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