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Shrinking Capitalism

Author

Listed:
  • Samuel Bowles
  • Wendy Carlin

Abstract

A defining feature of capitalism is that work using privately owned capital goods under the control of an owner or manager in return for wages produces goods to be sold for profit. The domain in which this system of production works tolerably well is shrinking as the knowledge- and care-based economy expands. It is thus imperative on efficiency as well as moral grounds to develop a new paradigm for policies and institutional design. A new paradigm needs to combine a model appropriate for today's economy with ethical values that go beyond fairness to include a broad conception of freedom.

Suggested Citation

  • Samuel Bowles & Wendy Carlin, 2020. "Shrinking Capitalism," AEA Papers and Proceedings, American Economic Association, vol. 110, pages 372-377, May.
    • Handle: RePEc:aea:apandp:v:110:y:2020:p:372-77
    DOI: 10.1257/pandp.20201001
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    Cited by:

    1. De Silva, Muthu & Gokhberg, Leonid & Meissner, Dirk & Russo, Margherita, 2021. "Addressing societal challenges through the simultaneous generation of social and business values: A conceptual framework for science-based co-creation," Technovation, Elsevier, vol. 104(C).

    More about this item

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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