Growth and distribution: a revised classical model
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12266 |
Resumo: | This paper discusses distribution and the historical phases of capitalism. It assumes that technical progress and growth are taking place, and, given that, its question is on the functional distribution of income between labor and capital, having as reference classical theory of distribution and Marx’s falling tendency of the rate of profit. Based on the historical experience, it, first, inverts the model, making the rate of profit as the constant variable in the long run and the wage rate, as the residuum; second, it distinguishes three types of technical progress (capital-saving, neutral and capital-using) and applies it to the history of capitalism, having the UK and France as reference. Given these three types of technical progress, it distinguishes four phases of capitalist growth, where only the second is consistent with Marx prediction. The last phase, after World War II, should be, in principle, capital-saving, consistent with growth of wages above productivity. Instead, since the 1970s wages were kept stagnant in rich countries because of, first, the fact that the Information and Communication Technology Revolution proved to be highly capital using, opening room for a new wage of substitution of capital for labor; second, the new competition coming from developing countries; third, the emergence of the technobureaucratic or professional class; and, fourth, the new power of the neoliberal class coalition associating rentier capitalists and financiers |
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Bresser-Pereira, Luiz CarlosEscolas::EESP2014-10-29T11:13:16Z2014-10-29T11:13:16Z2014-10-29TD 372http://hdl.handle.net/10438/12266This paper discusses distribution and the historical phases of capitalism. It assumes that technical progress and growth are taking place, and, given that, its question is on the functional distribution of income between labor and capital, having as reference classical theory of distribution and Marx’s falling tendency of the rate of profit. Based on the historical experience, it, first, inverts the model, making the rate of profit as the constant variable in the long run and the wage rate, as the residuum; second, it distinguishes three types of technical progress (capital-saving, neutral and capital-using) and applies it to the history of capitalism, having the UK and France as reference. Given these three types of technical progress, it distinguishes four phases of capitalist growth, where only the second is consistent with Marx prediction. The last phase, after World War II, should be, in principle, capital-saving, consistent with growth of wages above productivity. Instead, since the 1970s wages were kept stagnant in rich countries because of, first, the fact that the Information and Communication Technology Revolution proved to be highly capital using, opening room for a new wage of substitution of capital for labor; second, the new competition coming from developing countries; third, the emergence of the technobureaucratic or professional class; and, fourth, the new power of the neoliberal class coalition associating rentier capitalists and financiersengEESP - Textos para Discussão/ Working Paper Series;TD 372GrowthDistributionProfit rateWage rateTechnical progressEconomiaEconomiaGrowth and distribution: a revised classical modelinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 372 - Luiz Carlos Bresser Pereira.pdfTD 372 - Luiz Carlos Bresser 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dc.title.eng.fl_str_mv |
Growth and distribution: a revised classical model |
title |
Growth and distribution: a revised classical model |
spellingShingle |
Growth and distribution: a revised classical model Bresser-Pereira, Luiz Carlos Growth Distribution Profit rate Wage rate Technical progress Economia Economia |
title_short |
Growth and distribution: a revised classical model |
title_full |
Growth and distribution: a revised classical model |
title_fullStr |
Growth and distribution: a revised classical model |
title_full_unstemmed |
Growth and distribution: a revised classical model |
title_sort |
Growth and distribution: a revised classical model |
author |
Bresser-Pereira, Luiz Carlos |
author_facet |
Bresser-Pereira, Luiz Carlos |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Bresser-Pereira, Luiz Carlos |
dc.subject.por.fl_str_mv |
Growth Distribution |
topic |
Growth Distribution Profit rate Wage rate Technical progress Economia Economia |
dc.subject.eng.fl_str_mv |
Profit rate Wage rate Technical progress |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Economia |
description |
This paper discusses distribution and the historical phases of capitalism. It assumes that technical progress and growth are taking place, and, given that, its question is on the functional distribution of income between labor and capital, having as reference classical theory of distribution and Marx’s falling tendency of the rate of profit. Based on the historical experience, it, first, inverts the model, making the rate of profit as the constant variable in the long run and the wage rate, as the residuum; second, it distinguishes three types of technical progress (capital-saving, neutral and capital-using) and applies it to the history of capitalism, having the UK and France as reference. Given these three types of technical progress, it distinguishes four phases of capitalist growth, where only the second is consistent with Marx prediction. The last phase, after World War II, should be, in principle, capital-saving, consistent with growth of wages above productivity. Instead, since the 1970s wages were kept stagnant in rich countries because of, first, the fact that the Information and Communication Technology Revolution proved to be highly capital using, opening room for a new wage of substitution of capital for labor; second, the new competition coming from developing countries; third, the emergence of the technobureaucratic or professional class; and, fourth, the new power of the neoliberal class coalition associating rentier capitalists and financiers |
publishDate |
2014 |
dc.date.accessioned.fl_str_mv |
2014-10-29T11:13:16Z |
dc.date.available.fl_str_mv |
2014-10-29T11:13:16Z |
dc.date.issued.fl_str_mv |
2014-10-29 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12266 |
dc.identifier.sici.none.fl_str_mv |
TD 372 |
identifier_str_mv |
TD 372 |
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http://hdl.handle.net/10438/12266 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
EESP - Textos para Discussão/ Working Paper Series;TD 372 |
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info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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