Putting Power Back Into Growth Theory

Artikel

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 powercentered 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: Journal: Review of Capital as Power ; Volume: 1 ; Year: 2015 ; Issue: 2 ; Pages: 1-37 ; s.l.: Forum on Capital As Power - Toward a New Cosmology of Capitalism

Classification and Topics

• Classification: Wirtschaft
• Subject: economic growth theory ; distribution ; power ; hierarchy ; energy

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): 2015

Further information

• Handle: http://hdl.handle.net/10419/157914
• Last update: 10.03.2025, 11:43 AM CET