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

Description:: Marx, Kalecki, Rolle von Technologie/technischem Fortschritt für Akkumulation und Verteilung, technologischer Fortschritt und Arbeitslosigkeit.

Subject:: Marx, Karl (1818-1883) Kalecki, Michal (1899-1970) Technischer Fortschritt Produktivität Kapitalakkumulation Strukturwandel Arbeitslosigkeit

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

Related work:: Steindl, Josef: Acumulacion y Tecnologia. In: Trimestre Economico Nr. 207, Julio-Septiembre, 1985 Steindl, Josef: Acumulacion y Tecnologia. 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

Access:: Free access

8 the validity of the argument that the wage is kept at subsistence level by the pressure of population , he had to provide another explanation in place of it, and this is the law of accumulation. The mechanism of this law is based on the feed back which a wage increase above a critical level will set in motion via its effect on accumulation and from this to unemployment and thence back to wages. A brief comment on the side: There is a certain assymetry in this wage determination, in so far as Marx always talks about the upper limit of wages, but not of a symetrically determined lower level. Indeed, the relaxation of innovative efforts of the capitalists may in certain conditions not go far enough to prevent a steady increase in the industrial reserve army which will not react on accumulation, simply becasuse the subsistence level of wages ( historically determined ) will be reached. This subsistence level continues to be relevant as the lower level of the wage. It will be noted that the Marxian mechanism is less rigid than the classical one sistence level, defined historically consequence of increasing productivity, thus an upward trend of wages is in principle not excluded by the law of accumulation. More about that later. The Marxian law of accumulation, in some of its aspects, isclosely parallel to what is usually known as the Cambridge theory of distribution. This also maintains that distribution is determined by the rate of accumulation _(_ the rate of growth of capital ) , but this 20th century version of the law of accumulation does not rely on factors

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