Putting Power Back Into Growth Theory

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Papers on Capital as Power ; No. 2014/05

Classification and Topics

• Classification: Wirtschaft
• Subject: distribution ; hierarchy ; energy ; growth ; neoclassical ; economics ; power

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Fix, Blair
• Event: Veröffentlichung
• (who): Forum on Capital As Power - Toward a New Cosmology of Capitalism
• (where): s.l.
• (when): 2014

Further information

• Handle: http://hdl.handle.net/10419/157868
• Last update: 10.03.2025, 11:44 AM CET