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

20 3 This compensation, it seems, must come from two sources: A.."Assuming that the technical progress involves the use of new and improved machinery, the amount of employment generated in the investment goods industries must be set against the loss of employment in the industries which introduce the new methods. B. As Marx rightly argues, the total labour employed (including that used in the investment goods industry ) must be smaller with the new methods than with the old - and the difference represents the gain in productivity. This gain, in principle, represents a potential increase in standard of life, made possible by using the labour set free for the production of more consumer goods. The compensation argument says that by the technical progress new real income has been createdand this will automatically provide the demand for the additional output and therefore for the displaced labour. Each o these points gives rise to a long series of consideration ad A. ) 1. We have first to exclude the case in which the technical improvement accurs on the occasion of the replacement of an old machinery which would have had to be undertaken anyhow. There need be no new employment here, unless the new machine is more costly ( in terms of manpower ) than the old one. It must be admitted, however, that most replacement in industry is motivated by technical obsolescence, so that the argument looses some of its force. 2.1r the investment goods industry islocated far away - in the extreme case, if it is in another country - the compensation becomes problematic or fails.

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