EconPapers    
Economics at your fingertips  
 

Redistribution and persistent exploitation in an accumulation economy with decreasing marginal impatience

Gilbert L. Skillman

Review of Social Economy, 2019, vol. 77, issue 2, 184-207

Abstract: A variant of John Roemer’s accumulation economy is studied in which agents have identical payoff functions characterized by decreasing marginal impatience (DMI), such that time discount rates are decreasing in individual wealth levels. The implications of DMI for the existence and persistence of positive rates of profit and exploitation in the presence of capital accumulation, as well as for the dynamic redistribution of wealth, are derived. It is demonstrated that with DMI, differential ownership of productive assets is sufficient to ensure ongoing capital scarcity, and thus persistently positive rates of return and exploitation, as well as eventual redistribution of productive assets to the wealthiest agents.

Date: 2019
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://hdl.handle.net/10.1080/00346764.2018.1562199 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rsocec:v:77:y:2019:i:2:p:184-207

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RRSE20

DOI: 10.1080/00346764.2018.1562199

Access Statistics for this article

Review of Social Economy is currently edited by Wilfred Dolfsma and John Davis

More articles in Review of Social Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2020-09-04
Handle: RePEc:taf:rsocec:v:77:y:2019:i:2:p:184-207