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dc.contributor.authorScherer, Frederic Michael
dc.date.accessioned2010-09-29T21:12:41Z
dc.date.issued2010
dc.identifier.citationScherer, F.M. 2010. The Dynamics of Capitalism. HKS Faculty Research Working Paper Series, RWP10-001, John F. Kennedy School of Government, Harvard University.en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:4454157
dc.description.abstractThis paper, written for a larger compendium edited by Dennis Mueller, examines key dynamic features of capitalistic economies and how prominent economists such as Schumpeter, Marx, Keynes, and von Mises perceived them. The emphasis is on the growth in real per capita income achieved by capitalistic economies during the past two centuries. A Gedankenexperiment exploring what might have happened if the growth experience began earlier, in the year 800, shows how astonishing the record has been. Technological innovation, in large part endogenous to the capitalist system, is a key explanation for the growth achieved. A briefer discursion deals with breaks in growth trajectories, notably, in the form of business downturns and business fluctuations more generally. They are shown to be small relative to the longer-term growth pattern. An equally important issue is how the gains from growth have been distributed. Contrary to Marx's "immiserization" prediction, the gains have for the most part been widely shared among capitalists and workers alike. However, stagnation of real income growth for American production workers since the 1970s introduces new and troubling questions, several of whose provisional explanations are investigated.en_US
dc.language.isoen_USen_US
dc.publisherJohn F. Kennedy School of Government, Harvard Universityen_US
dc.relation.isversionofhttp://web.hks.harvard.edu/publications/workingpapers/citation.aspx?PubId=6988en_US
dash.licenseLAA
dc.subjectMBG - Markets, Business, and Government
dc.subjectLabor Economics
dc.subjectUnited States
dc.titleThe Dynamics of Capitalismen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalHKS Faculty Research Working Paper Seriesen_US
dash.depositing.authorScherer, Frederic Michael
dc.date.available2010-09-29T21:12:41Z
dc.identifier.doi10.1057/9780230287488_6
dash.contributor.affiliatedScherer, Frederic


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