Abstract
In contemporary developed economies, capitalist and socialist alike, goods are produced by means of machines minded by labor. Only in the early stages of the capitalist mode of production could commodities be thought of as made by an unequipped workforce. The economic theory of modern societies must begin, therefore, with a definite hypothesis about the material structure of the flow of output. In present times, the latter is always produced by machinery a part of which goes to reconstitute and expand the stock of capital goods. From a historical perspective, a society centered on machinofacturing generates — as argued by Marx and acknowledged by other scholars (Rosenberg, 1972) — a specialization of production in which the elements serving as capital accumulation are largely unfitted for personal consumption.
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© 1992 Joseph Halevi, David Laibman and Edward J. Nell
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Halevi, J. (1992). Accumulation and Structural Disequilibrium. In: Beyond the Steady State. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10950-0_11
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DOI: https://doi.org/10.1007/978-1-349-10950-0_11
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