Putting Power Back Into Growth Theory
Blair Fix
Review of Capital as Power, 2015, vol. 1, issue 2, 1-37
Abstract:
Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper argues that a reality-based growth theory must reject neoclassical principles in favour of a powercentered approach. Building on Nitzan and Bichler’s Capital as Power hypothesis, I argue that hierarchy formation is an integral part of the growth process. I hypothesize that the role of capital accumulation (through profit) is to facilitate hierarchy formation by legitimizing the authority of capitalists.
Keywords: economic growth theory; distribution; power; hierarchy; energy (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (18)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:caprev:157914
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