Publication:
Technical progress, capital accumulation, and distribution

Simple item page
dc.contributor.authorYoshihara, Naoki
dc.contributor.authorVeneziani, Roberto
dc.contributor.departmentDepartment of Economics, University of Massachusetts, Amherst
dc.contributor.departmentSchool of Economics and Finance, Queen Mary University of London
dc.date2023-09-24T01:37:34.000
dc.date.accessioned2024-04-26T16:31:26Z
dc.date.available2019-12-09T00:00:00Z
dc.date.issued2019-01-01
dc.description.abstractWe 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.
dc.identifier.doihttps://doi.org/10.7275/15957976
dc.identifier.urihttps://hdl.handle.net/20.500.14394/22265
dc.relation.ispartofUMass Amherst Economics Working Papers
dc.relation.urlhttps://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1285&context=econ_workingpaper&unstamped=1
dc.rightsUMass Amherst Open Access Policy
dc.source.issue2019-25
dc.source.statuspublished
dc.subjecttechnical change
dc.subjectincome distribution
dc.subjectprofit rate.
dc.subjectEconomics
dc.titleTechnical progress, capital accumulation, and distribution
dc.typearticle
dc.typearticle
digcom.contributor.authorisAuthorOfPublication|email:nyoshihara@econs.umass.edu|institution:Department of Economics, University of Massachusetts, Amherst|Yoshihara, Naoki
digcom.contributor.authorisAuthorOfPublication|email:r.veneziani@qmul.ac.uk|institution:School of Economics and Finance, Queen Mary University of London|Veneziani, Roberto
digcom.date.embargo2019-12-09T00:00:00-08:00
digcom.identifierecon_workingpaper/283
digcom.identifier.contextkey15957976
digcom.identifier.submissionpathecon_workingpaper/283
dspace.entity.typePublication
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
ot_in_accumulation_economies___7__DP_version__revised__.pdf
Size:
630.57 KB
Format:
Adobe Portable Document Format
Thumbnail Image
Name: ot_in_accumulation_economies___7__DP_version__revised__.pdf
Size: 630.57 KB
Kind: Adobe PDF
Collections
Economics Department Working Paper Series