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A model of cognitive capitalism. A preliminary analysis

Author

Listed:
  • Andrea Fumagalli

    (Dipartimento di Scienze Economiche e Aziendali Università degli Studi di Pavia)

  • Stefano Lucarelli

    (Dipartimento di Scienze Aziendali, Economiche e Metodi Quatitativi Università degli Studi di Bergamo)

Abstract

The aim of this paper is to present a first theoretical macro-modelling of cognitive capitalism, by utilizing the French regulation theory approach. With regard to the supply side analysis, we shall emphasize the role played by productivity dynamics: it is mainly affected by two types of dynamics: scale economics, based on learning processes and network activity. Turning to demand-side aspects, aggregate demand takes in account also the role played by distribution effects of financial markets, which operates as a distorsive income multiplier. As, on the one side, it depends upon the trade-off between learning processes diffusion and intellectual property rights and, on the other, upon income polarization (due to precariousness and limited access to capital gains) and demand growth stability. The stability of the system cannot be guaranteed. The need for new rules concerning income distribution process (i.e. basic income policy) will be taken in consideration.

Suggested Citation

  • Andrea Fumagalli & Stefano Lucarelli, 2007. "A model of cognitive capitalism. A preliminary analysis," European Journal of Economic and Social Systems, Lavoisier, vol. 20(1), pages 117-133.
    • Handle: RePEc:ris:ejessy:0092
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    Cited by:

    1. Claude Gnos & Louis-Philippe Rochon (ed.), 2011. "Credit, Money and Macroeconomic Policy," Books, Edward Elgar Publishing, number 13254.
    2. Andrea Fumagalli & Stefano Lucarelli, 2011. "Instability and Uncertainty in Cognitive Capitalism," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 15, Edward Elgar Publishing.

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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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