Policy Implications of Surplus Approach

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Policy Implications of Surplus Approach

Author:: Steindl, Josef

Scope:: Typoskript, 4 Blatt, nummeriert, mit handschriftlichen Ergänzungen

Year of publication:: ohne Datum

Language:: English

Description:: In contrast to neo-classics the surplus approach leaves the field open for considerations of socio-political and institutional factors. From the point of view of economic policy the personal distribution of income is today at least as much relevant as the surplus. Kalecki's gross profit bears close relation to the classical surplus. In Steindl's view the surplus arises from the fact that the possession of capital conveys advantages not open to those who do not own it.

Note:: Unveröffentlichtes Typoskript.

Topic:: Economic history,economic theory,current developments

JEL Classification:: E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian]

Shelfmark:: S/M.59.3

Access:: Free access

Policy Implications of the Surplus Approach 1.In contrast to neo-elassics the surplus approach leaves the field wide open for considerations of socio-political and institutional factors. 2. Once we descend to the level of economic policy we have to recognise that the two classes model ( labour - capital ) does not exhaust the variety of empirical phenomena. A. There are sectors which from the theoretical point of view must be called not aapitalist , for example, the peasantry; also the independent small artisans, and the professional classes. ( Julio Lopez ) The peasant and artisan income is sui generis. You cannot split it upwithout doing violence to the conepts of wage or profit B. How much does the surplus contain? Is it gross or net of taxes? According to an exa.mple of Marx ( Eapital I. p.228 ) it is gross. Sweezy-Baran even include wasteful expenditure. A stricter concept would be property income (profit, interest and rent, the classical concept ). But what about the managers income? It is again a kind of hybrid concept. There is much to be said for including it in the surplus? Analogies: In the feudal economy the surplus extracted from the peasants was used to pay also the retainers and domestic servants. In this sense we could consider managers salaries and perhaps a good deal else part of the surplus? C. From the point of view of economic policy the personal distribution of income is to-day at least as much relevant as the surplus.

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