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

9 operating in the labour market, but it sets the scene of action in the market of the product. I elaborated this theory in my "Maturity and Stagnation" although I was concerned there with the adaptation of distribution to a low rate of accumulation ( the situation of the 193o's ) while Marx, the image of early capitalism before him ( although this was in fact already past ) was thinking of the effects of a high rate of accumulation. I discussed a mechanism ( largely impeded or put out of action in a world dominated by oligopoly ) by which profit maijin or mark-up would be adjusted in the long run to the rate of growth of capital. The decisive mechanism would be here competition of capitalists in the market of the products. The shift of the distribution arguments from the labour market to the market of product is of a more general significance as has already been mentioned at the start of this paper. It is connected with the fact that in a modern industrial economy real wages are not as directly controlled by money wages as the classics and with them also Marx were want to assume. Twe-Speeifie-Features-ef-Teehnieal Progress Technical progress, according to Marx, is linked inseparably to two characteristic features: The increase in capital in relation to labour, and the concentration of capital. It is a well known fact that technical progress in industrial capitalism always involves "mechanisation" in the sense that more and more machines, toils, structures etc are needed for each worker. For example, more and more looms have been tended by each weaver, and the looms became

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