Primitive Accumulation, Growth and the Genesis of Social Classes
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.
|Date of creation:||2007|
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- Oded Galor & Joseph Zeira, 2013.
"Income Distribution and Macroeconomics,"
2013-12, Brown University, Department of Economics.
- Joseph E. Stiglitz, 1967.
"Distribution of Income and Wealth Among Individuals,"
Cowles Foundation Discussion Papers
238, Cowles Foundation for Research in Economics, Yale University.
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- 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.
- 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.
- 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.
- 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.
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