Putting Power Back Into Growth Theory
Review of Capital as Power, 2015, vol. 1, issue 2, 1-37
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)
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