Chapter 2: Growth and distribution: the last 300 years
AbstractThis 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.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.