The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Distribution Theories: Marxian

  • David M. Gordon
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_560

Abstract

It is hard to imagine a more important topic within Marxian economics than the distribution of income and the means of production among the principal classes in capitalist economies. For example: (1) The share of profits (or, inversely, the share of wages) constitutes one important component of the rate of profit. (2) The rate of profit operates as a fundamental determinant of the pace of investment and, therefore, of accumulation. (3) The rate of accumulation serves as a kind of life-force invigorating capitalist economies over time – regulating their growth and development, and the wealth of their participants. (4) Distribution, production and accumulation are thus fundamentally interconnected, forming the foundation of lives and livelihoods in capitalist societies.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • David M. Gordon
    • 1
  1. 1.