Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/157868 
Authors: 
Year of Publication: 
2014
Series/Report no.: 
Working Papers on Capital as Power No. 2014/05
Publisher: 
Forum on Capital As Power - Toward a New Cosmology of Capitalism, s.l.
Abstract: 
Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper argues that a reality-based growth theory must reject neoclassical principles in favour of a power-centered approach. Building on Nitzan and Bichler’s Capital as Power hypothesis, I argue that hierarchy formation is an integral part of the growth process. I hypothesize that the role of capital accumulation (through profit) is to facilitate hierarchy formation by legitimizing the authority of capitalists.
Subjects: 
distribution
hierarchy
energy
growth
neoclassical
economics
power
URL of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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