Accumulation and Technology

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Accumulation and Technology: Exemplar 2

Author:: Steindl, Josef

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

Year of publication:: 1984

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

Note:: Exemplar 2 (Exemplar 1 mit anderen handschriftlichen Anmerkungen siehe AL00656752).

Shelfmark:: S/M.5.2

DOI:: https://doi.org/10.48671/nls.js.AC14446022

18 another anwer. He found the motivation for long run net investment in innovations which promised extra-ordinary- profits to the capitalist who applied them. They will be justified ex-post if the capacity they have created is matched by corresponding new markets. This will happen if there is a continuing stream of innovations and if their effect is proportional to the capital stock: The depressing effect of the capacity created by the preceding innovation will be more than offset by the stimulation of demand by the present innovation.. We have come back here to the question raised at the beginning: What is it that determines the pace of accumulation? We can see now more clearly how complicated the question is. A steady stream of innovative opportunities is a condition for positive accumulation. But how quickly the accumulation proceeds can hardly be determined by technical progress alone. It will depend also on the economic conditions created in the recent past. We have a mixture of exogenous and endogenous elements which may be covered by the formula used earlier on of a "historical determination" of the trend of accumulation. Structural Change and Technological Unemployment It has been mentioned already that technical progress can play one of two different roles according to Marx. In principle it has an adaptive role, in so far as capitalists try to"rationalise"the more the smaller the rate of unemployment -the industrial reserve army - is. Thus it acts as a controller which keeps unemployment constant

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