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Thoughts on human interaction over the next 25 years Wednesday, December 18, The underconsumption theory and unemployment I strongly recommend the comment thread in this interfluidity Underconsumption thesis where Mark Sadowski does a good job clarifying the difference between wealth and income, and what the data says in terms of distribution and consumption in the context of an underconsumption theory of unemployment.
In underconsumption theory recessions and stagnation arise due to inadequate consumer demand relative to the production of new goods and services. Consequently it is precisely the income that is derived from the production of new goods and services that is connected to the matter of whether underconsumption is actually taking place.
The income derived from the buying and selling of assets is completely peripheral given the very nature of underconsumption theory.
Capital gains only relate to the buying and selling of assets and hence are not income in the conventional sense of that which is derived from the production of new goods and services.
My point in making the comparison was that referring to capital gains as income will produce a measure of savings that is wildly inflated compared to the more normal measure of savings out of the income derived from the production of new goods and services, which is of course the measure of savings relevant in this context.
Nearly everyone receives NIPA income, and given that the income derived from the production of new goods and services is the measure of income that is relevant to underconsumption theory, that is the measure of income that I think we obviously should try and stay focused on.
I think SRW's interpretation of inequality and growth has certain causal chains backward, but propensity to consume is an important factor to consider when thinking about what impact distribution may have on demand.
If, when looking at income and not capital gains as Mark convincingly argueshigh income earners spend as much as lower income earners, then that's good empirical data to have. In this sense, what drives demand is not inequality per se, but the sensitivity of low wealth households to spend out of income as a function of their wealth -- including capital gains.
I'll need to read the original paper to see if this effect is there, as the comments are focused on the upper end where there turns out to be little to see.Below I examine some conventional perspectives on the debt crisis, including 1) under-consumption theories (both Keynesian and Marxian varieties) and 2) theories of over-accumulation (including Baran and Sweezy’s idea of Monopoly Capital as well as Ben Bernanke’s concept of the “Global Savings Glut”).
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This scarce Author: American Economic Association. The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in It was his explanation for the cause of the Great Depression for which he was, deservedly, most well known.
Although Keynesian theories no longer. I spoke yesterday at the Oxford Literary Festival in debate with Sunday Times journalist Sarah Baxter on the theme “Is there too much immigration?”. Crisis Theories: Underconsumption. Under the pressure of competition, the industrial capitalists are obliged to expand production without limit, but at the same time, competition forces them to drive their costs down as far as possible.
In her book “Accumulation of Capital,” Luxemburg advanced the thesis that in a pure capitalist. The Levy Economics Institute of Bard College is a non-profit, nonpartisan, public policy think tank.