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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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    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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