Reveals that the high level of unproductivity in the U.S. economy since World War II has been a significant factor in the slowdown of growth in the rate of capital accumulation, productivity growth, and the overall growth rate. Attributes the negative tendency to the gradual but persistent shift of resources to unproductive activities.
Accumulation and Power analyses America’s economic development across three great waves of economic expansion: the Grand Traverse 1850-1900, the New Era 1916-1929 and the Great Postwar Boom, 1945-1972. Drawing on the work of Keynes, Schumpeter, Marx it departs radically from the "new economic history" model, focusing instead on capitalist decision making and its social consequences. It argues that the accumulation process is far more important than competitive markets in explaining resource allocation and growth. This innovative book is essential reading for all students and scholars of American economic history.
This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.
A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation. Authors Duncan Foley, Thomas Michl, and Daniele Tavani present Classical and Keynesian approaches to growth theory, in parallel with Neoclassical ones, and introduce students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth. They cover corporate finance, the impact of government debt and social security systems, theories of endogenous technical change, and the implications of climate change. Without excessive formal complication, the models emphasize rigorous reasoning from basic economic principles and insights, and respond to students’ interest in the history and policy dilemmas of real-world economies. In addition to carefully worked out examples showing how to use the analytical techniques presented, Growth and Distribution presents many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are available. This second edition includes fresh data throughout and new chapters on climate change, corporate capitalism, models of wealth inequality, and technical change.
This book constitutes an overview of recent developments in political economy in general, and Marxist value theory in particular. The implications of value theory for bank credit, inflation and deflation are fully explored.
Understanding Capital is a brilliantly lucid introduction to Marxist economic theory. Duncan Foley builds an understanding of the theory systematically, from first principles through the definition of central concepts to the development of important applications.
A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. The first part discusses the most important theoretical models that have been used in modern growth theory as well as methodological issues in productivity measurement. The second part examines the long-term record on productivity among Organization for Economic Co-operation and Development (OECD) countries, considers the sources of growth among them with particular attention to the role of education, investigates convergence at the industry level among them, and examines the productivity slowdown of the 1970s. The third part looks at the sources of growth among non-OECD countries. Each chapter emphasizes the factors that appear to be most important in explaining growth performance.
