IDEAS home Printed from https://ideas.repec.org/p/ums/papers/2010-10.html
   My bibliography  Save this paper

A Classical-Marxian Model Of Education, Growth And Distribution

Author

Listed:
  • Amitava Krishna Dutt

    (Universty of Notre Dame)

  • Roberto Veneziani

    (Queen Mary University of London)

Abstract

This paper develops a classical-Marxian macroeconomic model to examine the growth and distributional consequences of education. First, the role of education in skill formation is considered and it is shown that an expansion in education will promote growth and have beneficial distributional effects within the working class, but it will redistribute income from workers to capitalists. Second, the model is extended analyze the broader political economic consequences of education on class relations and class conflict. The model suggests the importance of a progressive type of education rather than one which weakens the power workers, for it allows for equitable growth outcomes which improve the position of workers as a whole and reduces inequality within workers. Finally, the model shows that education leads to multiple equilibria and it stresses the importance of providing suitable incentives to workers for taking advantage of greater education access, without which the economy can be caught in a low-skill trap. JEL Categories: E2, E11, O41, J31.

Suggested Citation

  • Amitava Krishna Dutt & Roberto Veneziani, 2010. "A Classical-Marxian Model Of Education, Growth And Distribution," UMASS Amherst Economics Working Papers 2010-10, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2010-10
    as

    Download full text from publisher

    File URL: http://www.umass.edu/economics/publications/2010-10.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Roemer,John E., 2006. "Democracy, Education, and Equality," Cambridge Books, Cambridge University Press, number 9780521609135.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    4. Bowles, Samuel & Gintis, Herbert, 1975. "The Problem with Human Capital Theory-A Marxian Critique," American Economic Review, American Economic Association, vol. 65(2), pages 74-82, May.
    5. Nancy L. Stokey, 1991. "Human Capital, Product Quality, and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 587-616.
    6. Petith, Howard, 2008. "Land, technical progress and the falling rate of profit," Journal of Economic Behavior & Organization, Elsevier, vol. 66(3-4), pages 687-702, June.
    7. Amitava Krishna Dutt, 1989. "Accumulation, Distribution and Inflation in a Marxian/Post-Keynesian Model with a Rentier Class," Review of Radical Political Economics, Union for Radical Political Economics, vol. 21(3), pages 18-26, September.
    8. Glyn, Andrew & Hughes, Alan & Lipietz, Alan & Sigh, Ajit, "undated". "The Rise and Fall of the Golden Age," WIDER Working Papers 295573, United Nations University, World Institute for Development Economic Research (UNU-WIDER).
    9. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
    10. Amitava Krishna Dutt & Roberto Veneziani, 2011. "Education, Growth And Distribution: Classical-Marxian Economic Thought And A Simple Model," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 61, pages 157-186.
    11. Luigi L. Pasinetti, 1960. "A Mathematical Formulation of the Ricardian System," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 27(2), pages 78-98.
    12. Foley, Duncan K., 2003. "Endogenous technical change with externalities in a classical growth model," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 167-189, October.
    13. Dumenil, Gerard & Levy, Dominique, 2003. "Technology and distribution: historical trajectories a la Marx," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 201-233, October.
    14. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Amitava Krishna Dutt, 2017. "Heterodox Theories Of Economic Growth And Income Distribution: A Partial Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1240-1271, December.
    2. Amitava Krishna Dutt & Roberto Veneziani, 2019. "Education and ‘human capitalists’ in a classical-Marxian model of growth and distribution," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(2), pages 481-506.
    3. Ekaterina Ponomareva & Alexandra Bozhechkova & Alexandr Knobel, 2012. "Factors of Economic Growth," Published Papers 172, Gaidar Institute for Economic Policy, revised 2013.
    4. Patrik Hultberg & David Santandreu Calonge & Seong-Hee Kim, 2017. "Education policy in South Korea: A contemporary model of human capital accumulation?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1389804-138, January.
    5. Wei-Bin Zhang, 2016. "Exchange Values of Gold, Land, Physical Capital, and Human Capital in a Neoclassical Growth Model," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 265-286, September.
    6. repec:ebl:ecbull:v:2:y:2002:i:1:p:1-15 is not listed on IDEAS
    7. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2019. "Exploitation, skills, and inequality," Review of Social Economy, Taylor & Francis Journals, vol. 77(2), pages 208-249, April.
    8. Selim, Tarek, 2005. "Economic Growth and Information Technology: A Note," MPRA Paper 101416, University Library of Munich, Germany.
    9. Cheam Chai Li & Rosli Mahmood & Hussin Abdullah & Ong Soon Chuan, 2013. "Economic Growth, Tourism and Selected Macroeconomic Variables: A Triangular Causal Relationship in Malaysia," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 7(2), pages 185-206, May.
    10. Gaetano Lisi & Maurizio Pugno, 2015. "A matching model of endogenous growth and underground firms," International Journal of Economic Theory, The International Society for Economic Theory, vol. 11(4), pages 347-369, December.
    11. Alberto F. Ades & Edward L. Glaeser, 1994. "Evidence on Growth, Increasing Returns and the Extent of the Market," NBER Working Papers 4714, National Bureau of Economic Research, Inc.
    12. Klenow, Peter J. & Rodriguez-Clare, Andres, 2005. "Externalities and Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 11, pages 817-861, Elsevier.
    13. Alberto Bucci, 2009. "Scale Effects, Savings and Factor Shares in a Human Capital-based Growth Model with Physical Capital Accumulation," International Economic Journal, Taylor & Francis Journals, vol. 23(3), pages 291-307.
    14. Osman Suliman, 1997. "Innovation and weak labour disposability: some theoretical and empirical evidence," Applied Economics, Taylor & Francis Journals, vol. 29(12), pages 1687-1693.
    15. Aykut Kibritçioglu, 2002. "On the Smithian origins of "new" trade and growth theories," Economics Bulletin, AccessEcon, vol. 2(1), pages 1-15.
    16. Bouton, L. & Sumlinski, M.A., 2000. "Trends in Private Investment in Developing Countries. Statistics for 1970-1998," Papers 41, World Bank - International Finance Corporation.
    17. Gaetano Lisi & Maurizio Pugno, 2010. "The Underground Economy in a Matching Model of Endogenous Growth," Working Papers 2010-07, Universita' di Cassino, Dipartimento di Scienze Economiche.
    18. Akhmat, Ghulam & Zaman, Khalid & Shukui, Tan & Javed, Yasir & Khan, Muhammad Mushtaq, 2014. "Relationship between educational indicators and research outcomes in a panel of top twenty nations: Windows of opportunity," Journal of Informetrics, Elsevier, vol. 8(2), pages 349-361.
    19. Jones, Larry E. & Manuelli, Rodolfo E., 1997. "The sources of growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 75-114, January.
    20. David M. Gould & Roy J. Ruffin, 1993. "Human capital externalities, trade, and economic growth," Working Papers 9301, Federal Reserve Bank of Dallas.
    21. Long, N.V. & Wong, K.Y., 1996. "Endogenous Growth and International Trade: A Survey," Working Papers 96-07, University of Washington, Department of Economics.

    More about this item

    Keywords

    education; growth; distribution.;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ums:papers:2010-10. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniele Girardi (email available below). General contact details of provider: https://edirc.repec.org/data/deumaus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.