Abstract
J. S. Mill, Marx and Keynes describe the stationary state, i.e. an economy without development, as the accomplishment of capital accumulation. In it abundance and peace will reign, in a society finally freed from the passion for money. The stationary state did appear in 1970s western countries in the form of saturation of markets for common goods and widespread welfare. However, instead of satisfaction, it made—together with the enormous increase in productivity—competition harder, capital redundant, and consequently growing unemployment and poverty. Profit-hunting should now cohabit with non-profit activities, promoted either by institutions or by private initiative.
I explained, orally and roughly, the ideas of this paper at the conference of the “Associazione di Storia dell’Economia politica” (Storep), held in Gaeta (Italy) in June 2013. I thank the participants in that debate and in the debate held in Volos.
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Notes
- 1.
Cp. Schumpeter [1949], IV.7.3.a, 964–966.
- 2.
See for ex. Mill (1848), III.5.6, 570–574.
- 3.
Mill (1848, 2).
- 4.
Marx (1864–1965), ch. 48, 3, 933.
- 5.
See for ex. ibidem, ch. 51, 996–997.
- 6.
Marx (1857–1858), notebook VII.2, Competition, vol. 2, 405.
- 7.
Keynes (1930, 1).
- 8.
According to Zilibotti (2008, 38) the increase in welfare has been even higher than Keynes’s prevision.
- 9.
Cp. Leijonhufvud (2008).
- 10.
Similar statements can be often found in the comments to Keynes’s article in Pecchi and Piga (2008), like those by Solow, Phelps, Freeman, etc.
- 11.
- 12.
On full employment, see Pollin (2012).
- 13.
Marx maintains that the unemployed, being ready to accept lower wages, push the wages of employed workers down. To this end, capital always keeps this reserve army: Marx (1867) ch. 23.3, 688–701.
- 14.
O’Connor (1973).
- 15.
Ricardo (1821) ch. 31.
- 16.
On information technologies, see Gualerzi (2010).
- 17.
- 18.
Defoe (1728), 36–68.
- 19.
The concept of disguised unemployment first appeared in development economics, in order to measure backwardness. For ex., if in agriculture 100 labourers without caterpillar produce the same quantity than 10 labourers who use a caterpillar, in the first case there is a disguised unemployment of 90 workers (less the cost of the caterpillar, measured in wages).
- 20.
- 21.
Stiglitz (2008).
- 22.
Hirsch (1976).
- 23.
- 24.
Krugman (2012).
- 25.
- 26.
See, among the many data, those of the Economic Policy Institute (USA) cited by Fullbrook (2013): in the period 1979–2011 the average income of 90 % of US population (the less rich) rose from 27,000 to about 31,000 (+15 %); that of the richest 5 % (minus the top 1 %) rose from ca. 105,500 to 165,500 (+134 %); the average income of the richest 0.1 % of population rose from 570,000 to 2,000. 160 ca. (+279 %).
- 27.
- 28.
Marx realized such an evolution and put limits to the classical theory of labour value: M. (1957–1958), notebook VII.2, 403–406.
- 29.
Of course an economy with a vast non-profit sector does not mean a centralized or socialist economy, as some authors believe (see for ex. Trainer 2011, 80).
- 30.
Cp. Solow (2008), 92–93.
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Perrotta, C. (2015). The Stationary State: Deadlocks and New Perspectives. In: Bitros, G., Kyriazis, N. (eds) Essays in Contemporary Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-10043-2_6
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