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Primitive Accumulation, Growth and the Genesis of Social Classes

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  • Jean-François Jacques
  • Antoine Rebeyrol

Abstract

Unlike Stiglitz, we show that an inegalitarian long run equilibrium can emerge in a Solow growth model framework, assuming a linear consumption function. We then interpret this result in line with Marxian economics, showing that this dynamic framework is consistent with Roemer's idea of endogenous class stratification. We extend this calculation by incorporating some features of the Pasinetti-Samuelson-Modigliani model, and provide an example of possible microfoundations.

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File URL: http://economix.fr/pdf/dt/2007/WP_EcoX_2007-10.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2007-10.

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Length: 15 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:drm:wpaper:2007-10

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  1. Galor, Oded & Zeira, Joseph, 1988. "Income Distribution and Macroeconomics," MPRA Paper 51644, University Library of Munich, Germany, revised 01 Sep 1989.
  2. Stiglitz, Joseph E, 1969. "Distribution of Income and Wealth among Individuals," Econometrica, Econometric Society, vol. 37(3), pages 382-97, July.
  3. Roemer, John E, 1982. "Origins of Exploitation and Class: Value Theory of Pre-Capitalist Economy," Econometrica, Econometric Society, vol. 50(1), pages 163-92, January.
  4. Moav, Omer, 2002. "Income distribution and macroeconomics: the persistence of inequality in a convex technology framework," Economics Letters, Elsevier, vol. 75(2), pages 187-192, April.
  5. Bourguignon, Francois, 1981. "Pareto Superiority of Unegalitarian Equilibria in Stiglitz' Model of Wealth Distribution with Convex Saving Function," Econometrica, Econometric Society, vol. 49(6), pages 1469-75, November.
  6. Piketty, Thomas, 1997. "The Dynamics of the Wealth Distribution and the Interest Rate with Credit Rationing," Review of Economic Studies, Wiley Blackwell, vol. 64(2), pages 173-89, April.
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Cited by:
  1. Jean Cartelier, 2014. "Entrepreneurs and wage-earners: a monetary approach," EconomiX Working Papers 2014-19, University of Paris West - Nanterre la Défense, EconomiX.

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