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Over-Accumulation, Rising Costs and ‘Unproductive’ Labor: The Relevance of the Classic Stationary State Issue for Developed Countries

Author

Listed:
  • Cédric Durand

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

  • Philippe Légé

    (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne)

Abstract
The current crisis takes place within a long downturn and new debates on the future of growth are emerging. This paper argues that some theoretical insights made by classical economists about the end of economic expansion are relevant for the discussion on the prospects for growth in rich countries. We focus on three key mechanisms related to contemporary radical economic analysis: over-accumulation, rising costs of accumulation, and the balance between productive and unproductive labor and consumption.

Suggested Citation

  • Cédric Durand & Philippe Légé, 2014. "Over-Accumulation, Rising Costs and ‘Unproductive’ Labor: The Relevance of the Classic Stationary State Issue for Developed Countries," Post-Print hal-01332860, HAL.
    • Handle: RePEc:hal:journl:hal-01332860
    DOI: 10.1177/0486613413488066
    as

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    Cited by:

    1. Kotz, David M. & McDonough, Terrence & McMahon, Can, 2019. "Reading Capital in the Twenty-First Century: Thomas Piketty and political economy [Lire Le Capital au xxie siècle : Thomas Piketty et l’économie politique]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.

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