Accumulation and Technology

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Accumulation and Technology: Exemplar 1

Author:: Steindl, Josef

Scope:: Typoskript, 25 Blätter, mit zahlreichen handschriftlichen Anstreichungen

Year of publication:: 1984

Source material date:: [vermutlich um/vor 1984]

Language:: English

Note:: Exemplar 1 (Exemplar 2 mit anderen handschriftlichen Anmerkungen siehe AL00656753). Final version in: Trimestre Economico Nr. 207, Julio-Septiembre, 1985 Draft in: Economia Informa, Mayo, 1984

Topic:: Technology and education

JEL Classification:: O33 [Technological Change: Choices and Consequences, Diffusion Processes] E22 [Investment, Capital, Intangible Capital, Capacity] E24 [Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital, Aggregate Labor Productivity] E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian] E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian]

Shelfmark:: S/M.5.1

DOI:: https://doi.org/10.48671/nls.js.AC14446021

In the simple conditions of the circuit of income and cost assumed here the surplus will thus depend on the spending of capitalists on investment and on their own consumtion. The variables C etc could also be expressed as percentages of the capital stock so that they would indicated the V \ growth rate of capital, and the capital structure \ j \ ( wages or output in p.c. of capital i.e. the reciprocal of the organic composition of capital ) . So everything hinges onthe determination of investment. The analysis is open ended because it does not tell us how capacity and its utilisation will be affect and how in consequence the profitability of capital will develop in future. This led Rosa Luxemburg to the opinion that there is nothing in the scheme itself which could explain how extended reproduction should come about.She saw only a circular argument in the idea that investment could drive and keep going the whole process. Where would the capitalist find the markets for the expanded output? ( It may be remarked here incidentally htat for Marx his belief in a growing capital-output ratio might have been, in principle, an answer to the question. The capitalist would invest in ever more capital-intensive techniques. This may indeed be anexplanation why Marx was not as much worried about the question of realisation as would seem to us now natural ). Rosa Luxemburgs answer to the question raised by her was that the surplus could only be realised by selling the excess output in foreign markets or by turning it into weapons to be used up in wars. These outlets were no doubt of great importance in the historical development. But Kalecki had

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