Arbeitspapier

Technical progress, capital accumulation, and distribution

We study the effects of innovations on income distribution in capitalist economies characterised by a drive to accumulate. Consistent with the basic intuitions of Marx's theory of technical change, we show that there is no obvious relation between ex-ante profitable innovations and the income distribution that actually emerges in equilibrium, and individually rational choices of technique do not necessarily lead to optimal outcomes. Innovations may even cause the disappearance of all equilibria. Methodologically, it is not possible to fully understand the 'creative destruction' induced by innovations without capturing the dialectic between individual choices and aggregate outcomes, and the complex network of relations typical of capitalist economies.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 2019-25

Klassifikation
Wirtschaft
Technological Change: Choices and Consequences; Diffusion Processes
Factor Income Distribution
Current Heterodox Approaches: Socialist; Marxian; Sraffian
Thema
technical change
income distribution
profit rate

Ereignis
Geistige Schöpfung
(wer)
Yoshihara, Naoki
Veneziani, Roberto
Ereignis
Veröffentlichung
(wer)
University of Massachusetts, Department of Economics
(wo)
Amherst, MA
(wann)
2019

Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Yoshihara, Naoki
  • Veneziani, Roberto
  • University of Massachusetts, Department of Economics

Entstanden

  • 2019

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