Economic Policy

Download An Unholy Trinity: Labor, Capital and Land in the New by Duncan K. Foley PDF

By Duncan K. Foley

The various important result of Classical and Marxian political financial system are examples of the self-organization of the capitalist financial system as a posh, adaptive procedure faraway from equilibrium.An Unholy Trinity explores the family among modern complicated platforms conception and classical political economic climate, and applies the tools it develops to the issues of prompted technical switch and source of revenue distribution in capitalist economies, the regulate of environmental externalities resembling worldwide warming and the stabilization of the area population.The arguments and strategies of this significant e-book tackle crucial difficulties either one of fiscal technology and fiscal coverage and supply clean paths for theoretical exploration.

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Additional info for An Unholy Trinity: Labor, Capital and Land in the New Economy (Graz Schumpeter Lectures, 6)

Sample text

But we also elude the Charybdis of conservative complacency in the face of the very real moral and social problems capitalist society creates and reproduces. What we need is a better understanding of the processes of self-organization that are amenable to our influence. 2 Innovative capitalism and the distribution of income Contemporary industrial capitalist economies have come to expect consistent significant increases in labor productivity, and a roughly proportional sharing of productivity gains between labor and capital incomes.

The single most persistent and important feature of capitalist development has been the tendency for labor productivity to rise continuously at a significant rate. If this increase in labor productivity had been accompanied by a stagnant level of the real wage, the wage share would have fallen dramatically, but in fact the real wage has tended, roughly speaking, to grow in proportion to labor productivity over the long run, so that the wage share in output has remained roughly constant. It is difficult to overstate the historical importance of these two factors in shaping the social and political development of capitalist society.

Complexity, self-organization, and political economy 31 Humanity’s struggle to control its fate One way of looking at human history sees it as a continuing collective struggle of humankind to control its fate. The development of nuclear weapons in the past century and the emergence of global environmental threats from production, the implications of genetic engineering, and revolutions in information and communications technology, are the arenas in which this struggle has unfolded in our time. We face a basic difficulty in controlling our collective fate that humankind is an assembly of individuals whose actions interact in complex ways to form an aggregate outcome.

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