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Veiled Repression

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  • Lance Taylor

Abstract

The Cambridge (UK) versus U.S. capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the past four decades of data. Part of an estimated increase in the ratio of personal wealth to income in recent years is due to higher asset prices. The other side of the accounts reveals that financialization and growing business debt partially offset the greater net worth of households. Attempts to interpret growth in wealth principally as a consequence of capitalization of rents are misleading, but capitalization of a rising profit share helps explain an upward trend in Tobin’s q. Growth models based on Cambridge ideas can help correct these misinterpretations.

Suggested Citation

  • Lance Taylor, 2016. "Veiled Repression," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(3), pages 167-181, July.
    • Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:167-181
    DOI: 10.1080/08911916.2016.1220151
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    References listed on IDEAS

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    1. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
    2. Perry Mehrling, 2010. "The New Lombard Street: How the Fed Became the Dealer of Last Resort," Economics Books, Princeton University Press, edition 1, number 9298.
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