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Technical progress, capital accumulation, and distribution

Author

Listed:
  • Yoshihara, Naoki
  • Veneziani, Roberto

Abstract

We study the effects of innovations on income distribution in capitalist economies characterised by a drive to accumulate. Consistent with the basic intuitions of Marx’s theory of technical change, we show that there is no obvious relation between ex-ante profitable innovations and the income distribution that actually emerges in equilibrium, and individually rational choices of technique do not necessarily lead to optimal outcomes. Innovations may even cause the disappearance of all equilibria. Methodologically, it is not possible to fully understand the ‘creative destruction’ induced by innovations without capturing the dialectic between individual choices and aggregate outcomes, and the complex network of relations typical of capitalist economies.

Suggested Citation

  • Yoshihara, Naoki & Veneziani, Roberto, 2019. "Technical progress, capital accumulation, and distribution," Discussion Paper Series 702, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hituec:702
    Note: with: Addendum for the paper: “Technical progress, capital accumulation, and distribution”
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    References listed on IDEAS

    as
    1. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    2. Allen, Robert C., 2011. "Global Economic History: A Very Short Introduction," OUP Catalogue, Oxford University Press, number 9780199596652.
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    Keywords

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    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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