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Accumulation of Capital

In: Capital Theory, the Surplus Approach, and Effective Demand

Author

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  • Pierangelo Garegnani

    (Roma Tre University)

Abstract

Within the so-called ‘Keynesian hypothesis’ of investment being determined independently of saving decisions, there are two different views of the adjustment of saving to investment along a long-run growth path: one based on changes in income distribution in favour of profits, and the other based on increases in the size of productive capacity and obtainable output. After showing how wide the margins are within which the size of productive capacity, and hence of obtainable output and savings, can increase through a cumulative process of equipment creation, some implications of the alternative, distribution-based adjustment are critically examined. Finally, it is noted that the accounts of actual growth experiences by some economic historians seem to be more in line with the production-based approach than the distribution-based approach.

Suggested Citation

  • Pierangelo Garegnani, 2024. "Accumulation of Capital," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 465-473, Springer.
    • Handle: RePEc:spr:spshcp:978-3-031-23643-3_14
    DOI: 10.1007/978-3-031-23643-3_14
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    Citations

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    Cited by:

    1. Tony Aspromourgos, 2019. "The Past and Future of Keynesian Economics: A Review Essay," History of Economics Review, Taylor & Francis Journals, vol. 72(1), pages 59-78, January.
    2. Matthew Smith, 2012. "Demand-led Growth Theory: A Historical Approach," Review of Political Economy, Taylor & Francis Journals, vol. 24(4), pages 543-573, October.
    3. Marco Missaglia, 2007. "Demand Policies For Long‐Run Growth: Being Keynesian Both In The Short And In The Long Run?," Metroeconomica, Wiley Blackwell, vol. 58(1), pages 74-94, February.
    4. Ginzburg, Andrea & Simonazzi, Annamaria, 2005. "Patterns of industrialization and the flying geese model: the case of electronics in East Asia," Journal of Asian Economics, Elsevier, vol. 15(6), pages 1051-1078, January.
    5. White, Graham, 2005. "Growth, Autonomous Demand and a Joint-Product Treatment of Fixed Capit al," Working Papers 8, University of Sydney, School of Economics.
    6. Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
    7. Graham White, 2008. "Growth, Autonomous Demand And A Joint‐Product Treatment Of Fixed Capital," Metroeconomica, Wiley Blackwell, vol. 59(1), pages 1-26, February.
    8. Alejandro Rodríguez Arana, 2015. "The share of wages in national income and its effects in the short and long run economic activity and growth," Working Papers 0215, Universidad Iberoamericana, Department of Economics.
    9. Antonella Palumbo, 2008. "I metodi di stima del PIL potenziale tra fondamenti di Teoria economica e Contenuto empirico," Departmental Working Papers of Economics - University 'Roma Tre' 0092, Department of Economics - University Roma Tre.
    10. Roberto Ciccone & Antonella Stirati, 2019. "Blanchard e Summers: rivoluzione o conservazione? (Blanchard and Summers: revolution or conservation?)," Moneta e Credito, Economia civile, vol. 72(287), pages 207-218.
    11. Fabio Petri, 2009. "On the Recent Debate on Capital Theory and General Equilibrium," Department of Economics University of Siena 568, Department of Economics, University of Siena.
    12. Fabio Petri, 2013. "Neglected implications of neoclassical capital-labour substitution for investment theory:another criticism of Say's Law," Department of Economics University of Siena 687, Department of Economics, University of Siena.

    More about this item

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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