Over-Accumulation, Rising Costs and ‘Unproductive’ Labor: The Relevance of the Classic Stationary State Issue for Developed Countries

Cédric Durand and Philippe Légé

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Abstract: The current crisis takes place within a long downturn and new debates on the future of growth are emerging. This paper argues that some theoretical insights made by classical economists about the end of economic expansion are relevant for the discussion on the prospects for growth in rich countries. We focus on three key mechanisms related to contemporary radical economic analysis: over-accumulation, rising costs of accumulation, and the balance between productive and unproductive labor and consumption.

Keywords: stationary state; long downturn; Smith; Marx; over accumulation; over accumulation (search for similar items in EconPapers)
Date: 2014-03-03
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Published in Review of Radical Political Economics, 2014, ⟨10.1177/0486613413488066⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01332860

DOI: 10.1177/0486613413488066

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