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Inclusive Capitalism

In: Constructing a More Scientific Economics

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  • Robert Ashford

    (Syracuse University)

Abstract

In the time needed to read this chapter, using institutions of corporate finance the wealthiest one percent of people will have acquired more wealth capital earnings than most people will earn in their lifetimes no matter how hard, smart, or long they work. Based on a principle of fuller employment and per-capita growth not found in widely recognized economic analysis, this chapter explains how the same institutions could voluntarily operate more profitably (without redistribution) if all people were included in the competitive process of capital acquisition with capital earnings: A broader distribution of capital acquisition with future capital earnings provides the expectation of more broadly distributed discretionary capital income in future years (to people with a higher propensity to consume) and therefore greater incentive to employ more labor and capital in earlier years.

Suggested Citation

  • Robert Ashford, 2022. "Inclusive Capitalism," Palgrave Advances in Behavioral Economics, in: Morris Altman (ed.), Constructing a More Scientific Economics, chapter 0, pages 47-80, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-3-030-83928-4_4
    DOI: 10.1007/978-3-030-83928-4_4
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