IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/117537.html
   My bibliography  Save this paper

The Economic Surplus, the Baran Ratio, and Long Wave Cycles

Author

Listed:
  • Lambert, Thomas

Abstract

This paper briefly outlines the idea and development of the economic surplus concept at the macroeconomic level as opposed to the one in microeconomics often labeled as a Marshallian surplus. Of special interest and focus is the concept as developed and used by heterodox economists. The notion of a residual amount of output or income over and above what is necessary for a society’s consumption (education, housing, food, clothing, health care, transportation, and other necessities of life) that can be used either for further consumption by an elite class, used for reinvestment in productive activities, and/or wasted on unproductive efforts is one that has been and continues to be taught and used in heterodox and neo-Marxian economics. The relevancy of the economic surplus view to modern and recent US economic growth is examined especially in light of new ways that have been created to apply the economic surplus concept. Applications using the Baran Ratio and long wave cycles theory are demonstrated, and it appears that the Baran Ratio is a useful concept to help predict long wave movements that are based on the economic surplus.

Suggested Citation

  • Lambert, Thomas, 2023. "The Economic Surplus, the Baran Ratio, and Long Wave Cycles," MPRA Paper 117537, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:117537
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/117537/1/The%20Economic%20Surplus%2C%20the%20Baran%20Ratio%2C%20and%20Long%20Wave%20Cycles.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mattei, Clara E., 2022. "The Capital Order," University of Chicago Press Economics Books, University of Chicago Press, edition 0, number 9780226818399, September.
    2. Thorstein Veblen, 1899. "Mr. Cummings's Strictures on "The Theory of the Leisure Class"," Journal of Political Economy, University of Chicago Press, vol. 8(1), pages 106-106.
    3. Thomas E. Lambert, 2023. "The Baran Ratio, investment, and British economic growth and development," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 46(1), pages 142-172, January.
    4. Thomas E Lambert, 2019. "Monopoly capital and entrepreneurship: whither small business?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(6), pages 1577-1595.
    5. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    6. Thomas E. Lambert, 2020. "Monopoly Capital and Management: Too Many Bosses and Too Much Pay?," Journal of Economic Issues, Taylor & Francis Journals, vol. 54(3), pages 644-666, July.
    7. Veblen, Thorstein, 1899. "The Theory of the Leisure Class," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1899.
    8. Frederic Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 857-876.
    9. Leo Wolman, 1933. "Wages during the Depression," NBER Books, National Bureau of Economic Research, Inc, number wolm33-1, March.
    10. Leo Wolman, 1933. "Wages during the Depression," NBER Chapters, in: Wages during the Depression, pages 1-6, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Anastassios D. Karayiannis & Allan E. Young, 2003. "Entrepreneurial Activities in a Veblenian Type Transition Economy," The American Economist, Sage Publications, vol. 47(2), pages 40-51, October.
    2. Groenewegen, John, 2022. "Institutional form (blueprints) and institutional function (process): Theoretical reflections on property rights and land," Land Use Policy, Elsevier, vol. 121(C).
    3. Serhat Kologlugil, 2016. "Thorstein Veblen's Darwinian framework and gene-culture coevolution theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(4), pages 641-672, August.
    4. Malcolm Rutherford, 2010. "Chicago Economics and Institutionalism," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 2, Edward Elgar Publishing.
    5. Nuno Ornelas Martins, 2015. "Why is this ‘school’ called neoclassical economics? Classicism and neoclassicism in historical context," Working Papers de Economia (Economics Working Papers) 01, Católica Porto Business School, Universidade Católica Portuguesa.
    6. Mattauch, Linus & Hepburn, Cameron & Stern, Nicholas, 2018. "Pigou pushes preferences: decarbonisation and endogenous values," INET Oxford Working Papers 2018-16, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    7. Andreia Tolciu, 2010. "The Economics of Social Interactions: An Interdisciplinary Ground for Social Scientists?," Forum for Social Economics, Taylor & Francis Journals, vol. 39(3), pages 223-242, January.
    8. Pak, Tae-Young, 2023. "Relative deprivation and financial risk taking✰," Finance Research Letters, Elsevier, vol. 55(PA).
    9. Ostovan, Nima & Khalili Nasr, Arash, 2022. "The manifestation of luxury value dimensions in brand engagement in self-concept," Journal of Retailing and Consumer Services, Elsevier, vol. 66(C).
    10. Tiia-Lotta Pekkanen, 2021. "Institutions and Agency in the Sustainability of Day-to-Day Consumption Practices: An Institutional Ethnographic Study," Journal of Business Ethics, Springer, vol. 168(2), pages 241-260, January.
    11. BARTOLINI Stefano & SARRACINO Francesco, 2011. "Happy for How Long? How Social Capital and GDP relate to Happiness over Time," LISER Working Paper Series 2011-60, Luxembourg Institute of Socio-Economic Research (LISER).
    12. Dieter Bögenhold, 2008. "Economics, Sociology, History: Notes on Their Loss of Unity, Their Need for Re-integration and the Current Relevance of the Controversy between Carl Menger and Gustav Schmoller," Forum for Social Economics, Taylor & Francis Journals, vol. 37(2), pages 85-101, January.
    13. Po‐Ting Liu & Guang‐Zhen Sun, 2005. "The International Demonstration Effect And The Domestic Division Of Labour: A Simple Model," Pacific Economic Review, Wiley Blackwell, vol. 10(4), pages 515-528, December.
    14. Welsch, Heinz & Kühling, Jan, 2015. "Income comparison, income formation, and subjective well-being: New evidence on envy versus signaling," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 59(C), pages 21-31.
    15. repec:hal:spmain:info:hdl:2441/3ile1g7sqe8kfpi2d1e7jp82im is not listed on IDEAS
    16. Aronsson, Thomas & Johansson-Stenman, Olof, 2014. "Positional preferences in time and space: Optimal income taxation with dynamic social comparisons," Journal of Economic Behavior & Organization, Elsevier, vol. 101(C), pages 1-23.
    17. Karlan, Dean & McConnell, Margaret A., 2014. "Hey look at me: The effect of giving circles on giving," Journal of Economic Behavior & Organization, Elsevier, vol. 106(C), pages 402-412.
    18. Hermes, Henning & Huschens, Martin & Rothlauf, Franz & Schunk, Daniel, 2021. "Motivating low-achievers—Relative performance feedback in primary schools," Journal of Economic Behavior & Organization, Elsevier, vol. 187(C), pages 45-59.
    19. Chatterjee, Sheshadri & Chaudhuri, Ranjan & Vrontis, Demetris, 2023. "Masstige marketing: An empirical study of consumer perception and product attributes with moderating role of status, emotion, and pride," Journal of Business Research, Elsevier, vol. 155(PA).
    20. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    21. Roth, Paula, 2020. "Inequality, Relative Deprivation and Financial Distress: Evidence from Swedish Register Data," Working Paper Series 1374, Research Institute of Industrial Economics.

    More about this item

    Keywords

    Baran Ratio; economic surplus; investment; Kondratiev waves; monopoly capital;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:117537. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.