Growth, Accumulation, and Unproductive Activity
An Analysis of the Postwar US Economy
By (author) Edward N. Wolff
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Growth, Accumulation, and Unproductive Activity by Edward N. Wolff
Book DescriptionThis book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages.
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Book DetailsISBN: 9780521034753
(228mm x 152mm x 13mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 14-Dec-2006
Country of Publication: United Kingdom
Books By Author Edward N. Wolff
Inheriting Wealth in America, Hardback (April 2015)
Inheritances are often regarded as a societal "evil, " enabling great fortunes to be passed from one generation to another, thus exacerbating wealth inequality and reducing wealth mobility. That, however, is not the whole picture of inheritances in America.
Productivity Convergence, Hardback (December 2013)
This book critically reviews the most significant works that examine the sources of economic growth.
Poverty and Income Distribution, Hardback (January 2009)
Written by a leading scholar in the field, this textbook provides a thorough introduction to the topic of income distribution and poverty, with additional emphasis on the issues of inequality and discrimination.
Does Education Really Help?, Hardback (June 2006)» View all books by Edward N. Wolff
Conventional wisdom is that greater schooling and skill improvement leads to higher wages and income inequality falls with wider access to schooling. Yet, since the early 1970s, inequality climbed, while educational attainment and worker skills gained and dispersion in schooling levels plummeted. This book explores these apparent paradoxes.
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