Putting Power Back Into Growth Theory

Putting Power Back Into Growth Theory
Fix, Blair. (2014). Working Papers on Capital as Power. No. 2014/05. 26 December. pp. 1-30. (Article - Working Paper; English).

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Abstract or Brief Description

* Winner of the 2014 RECASP Essay Prize *

Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper argues that a reality-based growth theory must reject neoclassical principles in favour of a power-centered approach. Building on Nitzan and Bichler’s Capital as Power hypothesis, I argue that hierarchy formation is an integral part of the growth process. I hypothesize that the role of capital accumulation (through profit) is to facilitate hierarchy formation by legitimizing the authority of capitalists.

Language

English

Publication Type

Article - Working Paper

Keywords

distribution hierarchy energy growth neoclassical economics power

Subject

BN Macro
BN Power
BN Production
BN Region - North America
BN Value & Price
BN Business Enterprise
BN Capital & Accumulation
BN Distribution
BN Ecology & Environment
BN Growth

Depositing User

Jonathan Nitzan

Date Deposited

26 Apr 2015 04:07

Last Modified

04 Jul 2016 17:22

URL:

https://bnarchives.net/id/eprint/438

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