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.
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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