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  1. Looking for growth imperatives under capitalism: money, wage labour, and market exchange
    Author: Cahen-Fourot, Louison
    Published: [2022]
    Publisher:  WU Vienna, Institute for Ecological Economics, Vienna

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 361
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: 06/07/2022
    Series: Working paper series / Institute for Ecological Economics, Vienna University of Economics and Business ; 43 (2022)
    Subjects: growth imperative; capitalism; paradox of profit; ecological macroeconomics; post-growth
    Scope: 1 Online-Ressource (circa 29 Seiten)
  2. Looking for growth imperatives under capitalism
    money, wage labour, and market exchange
    Author: Cahen-Fourot, Louison
    Published: [2022]
    Publisher:  Post-Growth Economics Network, [Europa]

    First, I update and wrap up the discussion on a monetary growth imperative, namely the argument that debt-money bearing interest triggers real GDP growth. I provide a detailed account of the different versions of the argument and show why none of... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 830
    Inter-library loan:
    No inter-library loan

     

    First, I update and wrap up the discussion on a monetary growth imperative, namely the argument that debt-money bearing interest triggers real GDP growth. I provide a detailed account of the different versions of the argument and show why none of them hold. In all cases, the argument is shown to be inconsistent in macro-accounting terms or to be at odds with the functioning of the monetary system. The general solution to the monetary growth imperative is that a sufficient share of wealth must be put back in circulation, for example via higher consumption out of wealth or taxation. Moreover, I show that a monetary growth imperative could equally well occur in an economy without debt-money or interest. However, the solution to the monetary growth imperative entails a sustainability paradox: more wealth put back in circulation allows to reach a stable full stationary state but may be environmentally unsustainable. I also highlight convergences between the critique of the monetary growth imperative and the monetary circuit literature. Second, I address the criticism that no net wealth accumulation is unrealistic. It requires to explain why there is accumulation in the first place. Building from post-Keynesian and institutionalist perspectives, I argue that we need to locate the analysis at the level of the definitional social relations of capitalism: market exchange and wage labour. Growth imperatives are emerging properties of these two social relations. I develop a critique of steadystate economics and underline the ontological difference between a zero-growth capitalism and a post-growth economy.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264902
    Edition: This version: 16/07/2022
    Series: Working paper series / Post-Growth Economics Network ; 2022, 01
    Subjects: growth imperative; capitalism; paradox of profit; ecological macroeconomics; post-growth
    Scope: 1 Online-Ressource (circa 28 Seiten)