Chapter 2: Growth and distribution: the last 300 years
This chapter reviews how different schools of thought studied the interaction between income distribution and economic growth, axing the discussion along two lines. On the one hand, the implications of different sources of income (profits and wages) for investment and economic activity; on the other hand, the use of such income (either save or spend) as stimulant or break of economic expansion. The chapter surveys main authors of classical economics, Marxist writings, neoclassical authors and Keynes and early Keynesian economists. It is concluded that Keynes, Kalecki and their followers provided the first consistent break with Say’s Law, notwithstanding different interpretations of Marx’s analysis by underconsumptionist theorists.
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