Mainstream Economics, Capital Theory, and Distributions of Income and Wealth

Lance Taylor

Dec 1

Written By SCEPA

(511 KB)

The Cambridge UK vs USA capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions.

Its standard interpretation is not consistent with the last four decades of data. Attempts to interpret growth in wealth principally as a consequence of capitalization of rents are misleading. An alternative growth model based on Cambridge ideas can help correct these misinterpretations and understand inequality.

working paperinequalityeconomic growth

SCEPA

Mainstream Economics, Capital Theory, and Distributions of Income and Wealth

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SCEPA is part of the Economics Department at The New School for Social Research