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Investment in peasant economy: theoretical considerations

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  • Francisco de Assis Costa

Abstract

This paper presents a model based on Marx and Chayanov which explains investmentby the peasant production unit. The paper presents the basis of Marx’s pessimisticview, and Chayanov’s approach to the peasants’ special propensity for investment. Basedon this discussion an analytical model is formulated which considers the Chayanovian potentialderived from a microeconomic perspective of the peasant, and the limits on peasantinvestment in a capitalist system derived from a marxian macroeconomic perspective on thespecific characteristics of petty commodity production. Finally, the paper points to generalizationswhich center on the contradictions between real restrictions determined by macrovariables and the subjective potential of the family production and consumption unit, the essentialfocus of the interpretation of the diverse forms of the relationship peasant/capitalism. JEL Classification: Q12; Q10; B51.

Suggested Citation

  • Francisco de Assis Costa, 1995. "Investment in peasant economy: theoretical considerations," Brazilian Journal of Political Economy, Center of Political Economy, vol. 15(1), pages 84-101.
    • Handle: RePEc:ekm:repojs:v:15:y:1995:i:1:p:84-101:id:1227
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    Keywords

    Rural economics; farm investment;

    JEL classification:

    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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