scholarly journals Classical Political Economy and Secular Stagnation

2021 ◽  
Author(s):  
Manuel Cruz Luzuriaga ◽  
Daniele Tavani
Keyword(s):  
Political Economy ◽  
Secular Stagnation ◽  
Classical Political Economy

Consumers Preferences, Subsistence and Real Wage

1993 ◽  
Author(s):  
D. Andrews
Keyword(s):  
Political Economy ◽  
Real Wage ◽  
Consumer Preference ◽  
Sharp Contrast ◽  
Index Number ◽  
Neoclassical Theory ◽  
The Real ◽  
Individual Consumer ◽  
Classical Political Economy

In classical political economy, the real wage derives its reality from its association with a given set of products that provides for the subsistence of workers through time. In neoclassical theory the connection between the real wage and a given set of products is broken, because the restriction of workers’ consumption to a particular set of products conflicts with the idea of individual consumer preference. Thus, the ‘reality’ of the real wage in neoclassical theory is grounded differently, in a particular standard of value that can be called an index number standard. The difficulties involved with this construction raise questions about the theoretical adequacy of the notion of real wage itself. In particular, this leads to a conclusion that stands in sharp contrast to the empiricist proclamations of neoclassical theory.

The Right to Income

1993 ◽  
Author(s):  
D. Baker
Keyword(s):  
Political Economy ◽  
Policy Implications ◽  
Neoclassical Economics ◽  
Labor Theory ◽  
Classical Political Economy ◽  
The Individual ◽  
The Right ◽  
Similar Notion

This paper argues for a right to income based on a conception of the integrity of the individual. It first justifies the argument through the notion of social need developed by Hegel, contrasting that idea with the notion of subsistence in classical political economy and of needs and wants in the neoclassical economics. It then reexamines Locke’s labor theory of property and argues that its intuitive strength actually relies on a similar notion of individual integrity, not on labor pre se. The paper concludes by applying this notion of rightful acquisition of property to the situation of production by capital and explores some policy implications of a right to income.

Immiserizing Growth: An Overview

2019 ◽  
pp. 21-52 ◽  
Author(s):  
Paul Shaffer
Keyword(s):  
Political Economy ◽  
Policy Process ◽  
Empirical Literature ◽  
Causal Mechanisms ◽  
The Poor ◽  
Classical Political Economy ◽  
Cross Country ◽  
Good For ◽  
Historical Antecedents

This chapter provides a survey of theoretical and empirical issues related to immiserizing growth (IG). It reviews historical antecedents, including the towering figures of classical political economy—Malthus, Ricardo, and Marx—who held different versions of the IG idea. A number of the causal mechanisms generating IG outcomes are then reviewed, drawing on diverse traditions of scholarship, with a focus on political economy, politics, and the policy process. Finally, the empirical literature is examined drawing on cross-country and country case information. The chapter concludes that IG is not an insignificant empirical phenomenon, which has been somewhat overlooked in light of the prevailing narrative that ‘growth is good for the poor’.

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