THE PARAMOUNT POSITION OF PRODUCTION

E Ray Canterbery

Chapter 1 in Inequality and Global Supra-surplus Capitalism, 2018, pp 3-22 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In his elegant and persuasive magnum opus, John Kenneth Galbraith (JKG) devoted a chapter with the above title. We repeat it here, with a summary of Galbraith’s chapter in The Affluent Society. This position of production is not simply a matter of belief, though that is important, but rather of reality. First, we spread caution to the winds about production, then we take a look at the national income accounts and the place of production there. We end on the quite unconventional note that income is more important than production, followed closely by employment. As promised, the first words of caution emanate from JKG. Why, we must ask, does production have such a prominent position in the USA and other economies?

Keywords: Capitalism; Production Surpluses; Supra-surpluses; Casino Economy; Inequality; Vita Theory; Great Recession; Subsistence; Minimum Wage; Markup; Kaleckian Power; Stagnation; Innovation; Technological Advance; Income Distribution; Wealth Distribution; Fiscal Policy; Monetary Policy; Incomes Policy; Zero-interest Rate Society; Trump; 2016 Campaign; John Kenneth Galbraith; Conventional Wisdom; Expectations; Budget Shares; Veblenian Demand; Engel's Law; Casino Effect; Economic Power (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2018
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