Economics Dictionary of ArgumentsHome
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| Accumulation: Accumulation in economics refers to the process of investing in capital, labor, and technology to enhance productivity and economic growth. It involves reinvesting profits to expand production capacity and improve efficiency, contributing to long-term economic development._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Karl Marx on Accumulation - Dictionary of Arguments
Rothbard II 419 Accumulation/Marx/Rothbard: Whichever course the Marxists take, it is crucial for them to salvage the continuing accumulation of capital, since it is through such accumulation that increased productivity and particularly technological innovations take place and are instituted in the economy. And we must remember that it is through technological innovation that capitalists dig their own grave, for the capitalist system and capitalist relations become the fetters that block technological development. Some technological method that capitalism cannot encompass, which Marx late in life thought would be electricity, would provide the spark, the necessary and suffcient base for the inevitable overthrow of capitalism and the seizing power by the 'final' historical class, the proletariat. To Marx, two consequences followed necessarily from the alleged tendency to the accumulation of capital and the advance oftechnology. The first is the 'concentration of capital', by which Marx meant the inexorable tendency of each firm to grow ever larger in size, for the scale of production to enlarge.(1) Certainly, there is a great amount of expansion of scale ofplant and firm in the modern world. RothbardVsMarx: On the other hand, the law is scarcely apodictic. Why may not the accumulation of capital be reflected in a growth in the number of firms, rather than merely in increasing the size of each? >Capitalism/Marx. 1. Thus, Marx wrote, in Volume I of Capital, that 'It is a law, springing from the technical character of manufacture, that the minimum amount of capital which the capitalist must possess has to go on increasing', and 'the development of capitalist production makes it necessary constantly to increase the amount of capital laid out in a given industrial undertaking'. Cf. C David Conway, A Farewell to Marx: An Outline and Appraisal of His Theories (Harmondsworth, Mddx: Penguin Books, 198 7), pp. 126-7._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Marx I Karl Marx Das Kapital, Kritik der politische Ökonomie Berlin 1957 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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