Frank Knight and the Productivity of Capital: Another Piece of the Puzzle

2003 ◽  
Vol 25 (4) ◽  
pp. 487-503 ◽  
Author(s):  
Nimai Mehta
Keyword(s):  
Capital Accumulation ◽  
Alternative Theory ◽  
Capital Theory ◽  
Economic Profession ◽  
The Third ◽  
Theory Of Production ◽  
Ricardian Theory

Through the 1930s, Frank H. Knight engaged the economic profession in a prodigious exchange over the nature and productivity of capital. Knight's efforts here were driven by three significant objectives: first, that capital theory had to be able to explain the broad fact of capital accumulation and growth as actually experienced by progressive societies; second, that existing doctrines had to be purged of the flawed vestiges of the classical-Ricardian theory of production if any progress was to be had in achieving the first objective; third, and last, that an alternative theory of capital needed to provide an explanation of the productivity of capital consistent with the fulfillment of the first two tasks. Knight failed in the third task or, at best, left the task incomplete.

scholarly journals Die Außenansicht der europäischen Linken

1993 ◽  
Vol 23 (92) ◽  
pp. 427-449
Author(s):  
Samir Amin
Keyword(s):  
Capital Accumulation ◽  
World System ◽  
Capitalist Mode ◽  
The Third ◽  
Social Governance ◽  
System Type ◽  
World Level ◽  
First World ◽  
Labour Power ◽  
Mode Of Production

In the framework of a world-system type of analysis, the perspectives of the European left after the decline of Soviel type socialism are described as a response to the polarization between the Third and the First World: In contrast to the capitalist mode of production in the centre, which operates as a market-based integration of the circulation of capital, of commodities and of labour power, labour in the periphery is blocked. In view of the contradiction between capital accumulation on a world-level and political and social governance on national levels, a socialist strategy should be based on a new internationalism, emphasizing regional alliances whose expansion is coupled to the increase in the unfettered mobility of labour.

The Death of Human Capital?

2020 ◽  
Author(s):  
Phillip Brown ◽  
Hugh Lauder ◽  
Sin Yi Cheung
Keyword(s):  
Human Capital ◽  
Direct Relationship ◽  
Fundamental Problem ◽  
Human Capital Theory ◽  
Alternative Theory ◽  
Future Prospects ◽  
Capital Theory ◽  
The Past ◽  
The Future ◽  
Smart Machines

Human capital theory, the notion that there is a direct relationship between educational investment and individual and national prosperity, has dominated public policy on education and labor for the past fifty years. This book describes the development of human capital theory and why it has turned into a failed revolution. It outlines an alternative theory that re-defines human capital in an age of smart machines. The new human capital rejects the view that automation and AI will result in the end of waged work, but sees the fundamental problem as a lack of quality jobs offering interesting, worthwhile and rewarding opportunities. At stake in the new human capital are the future prospects for individual wellbeing in productive, sustainable and inclusive societies. It also connects with a growing sense that capitalism is in crisis, felt by students and the wider workforce, in offering a sober assessment of current realities at the same time as a sense of hope for the future.

scholarly journals Education Governance in the United Kingdom: The Modernisation Project

2002 ◽  
Vol 1 (2) ◽  
pp. 331-341 ◽  
Author(s):  
Jenny Ozga
Keyword(s):  
United Kingdom ◽  
Social Relations ◽  
Capital Accumulation ◽  
New Labour ◽  
Social Capital Theory ◽  
Apparent Contradiction ◽  
Capital Theory ◽  
Education Governance ◽  
The United Kingdom ◽  
Labour Policy

This article considers the modernisation of education governance as implemented by the New Labour governments of the United Kingdom since 1997. The discussion focuses on the apparent contradiction between those elements of modernisation that require the measurement and management of performance; and those that promote greater fairness and responsiveness. It is argued that tensions between these elements of policy are resolved by New Labour policy makers through the use of ideas derived from social capital theory. Modernisation uses these ideas in pursuit of a transformation of politics that enhances governability by making beliefs and feelings quantifiable, and by equating social relations with capital accumulation. The article concludes with a consideration of the problems encountered in the operationalisation of the modernisation project in the United Kingdom's Education Action Zones, where business was encouraged to play a major role in building new networks and social relations.

Introduction

2020 ◽  
pp. 1-8
Author(s):  
Phillip Brown
Keyword(s):  
Human Capital ◽  
New Technologies ◽  
Alternative Theory ◽  
Fundamental Change ◽  
Human Beings ◽  
Capital Theory ◽  
Changing Economy ◽  
The Relationship

This introductory chapter outlines an alternative theory of human capital based on job scarcity rather than labor scarcity. This is done in the context of a changing economy, wherein orthodox human capital theory has resulted in credential hyperinflation. The new human capital proposes to address challenges presented by global competition, new technologies, and economic inequalities. To develop an alternative theory, the chapter reexamines the role of human beings and their relationship to capital. It argues that the story of human capital represents a conflict at the very heart of capitalism, where the outcome is yet to be decided. The new human capital involves rethinking supply, demand, and return, and in doing so highlights a fundamental change in the relationship between them.

Economic Dependency in the 1980s: Its impact on Third World Elderly

1984 ◽  
Vol 4 (1) ◽  
pp. 21-44 ◽  
Author(s):  
Sheila M. Neysmith ◽  
Joey Edwardh
Keyword(s):  
Social Relations ◽  
Capital Accumulation ◽  
Third World ◽  
Old People ◽  
Economic Relations ◽  
Human Needs ◽  
The Third ◽  
Alternative Perspective ◽  
The Third World ◽  
The Relationship

ABSTRACTThe purpose of this paper is to explore an alternative perspective for understanding individual and societal ageing within the context of global economic and social relations. The dependent status of Third World nations as a result of the process of capital accumulation is examined. It is argued that the manner in which Third World nations respond to the human needs of their old is subject to the relationship that entwines Third World and capitalist industralised nations. Moreover, it is argued that social policy and human service models are nurtured by the ideology underlying these economic relations. The assumptions behind two policy areas are examined. When diffused to Third World nations such social policies function to maintain national elites at the expense of the majority. In conclusion, questions are raised about the relevance of western models of ageing to the needs of old people in the Third World.

“The Creation of Wealth”: John Rae's Knowledge-Based Growth Theory

1998 ◽  
Vol 20 (3) ◽  
pp. 329-347
Author(s):  
Masazumi Wakatabe
Keyword(s):  
Economic Development ◽  
Capital Accumulation ◽  
Growth Theory ◽  
Technical Knowledge ◽  
Capital Theory ◽  
Knowledge Based ◽  
Economic Progress ◽  
Austrian Capital Theory ◽  
Austrian Capital

John Rae is best known for his contribution to capital theory, particularly to Austrian capital theory. J. A. Schumpeter's (1954) assessment is typical in the literature: “two cornerstones of [Böhm-Bawerk]'s structure–one of them also a cornerstone of [Nassau] Senior's–are in fact there” (Schumpeter, 1954, pp. 468-69). Although this seems to have been the standard perception (see also Dorfman, 1995, p. 21), there is growing appreciation that Rae had a theory of economic development, rather than only a theory of capital. As Klaus Hennings put it: “Rae ascribes to inventions a more important role for economic progress … than capital accumulation” (Hennings, 1987, p. 40). Spengler (1959) saw Rae's contribution as “his recognition of the importance of the role of technical knowledge and invention in economic development” (ibid., 1959, p. 406; see Deans and Deans, 1972; Birchler, 1980). Syed Ahmad (1996a, 1996b) and Anthony Brewer (1990, 1991, 1996) agree on the central role of innovation in the economics of Rae.

scholarly journals La transformación del paisaje agrario y la plasticultura en la ciénaga de Chapala, México

UVserva ◽  
2020 ◽  
pp. 302-312
Author(s):  
Conrado González Vera
Keyword(s):  
Twentieth Century ◽  
Capital Accumulation ◽  
Design Research ◽  
Information Sources ◽  
Green Revolution ◽  
Information Design ◽  
Sources Of Information ◽  
The Third ◽  
Lake Chapala ◽  
Siglo Xx

El propósito de este trabajo es exponer algunos procesos de transformación del paisaje agrario, incluyendo la plasticultura en la ciénaga de Chapala, México. El método seguido fue: delimitar el objeto de investigación, diseñar el esquema de investigación, identificar fuentes de información, diseñar instrumentos de investigación, analizar y fichar fuentes de información, diseñar el esquema de exposición y generar la exposición de resultados. El lago de Chapala ha sido transformado por la actividad geológica y humana. A principios del siglo XX fue mutilado y transformado de nuevo por un dique artificial que fue la principal forma de desecarlo. Posteriormente, alrededor de la tercera década del siglo XX la tierra fue repartida en ejidos, sin embargo, hoy día la propiedad de la tierra se está reconcentrando en pocas manos: empresarios agrícolas y agroindustria, y transformándose una vez más debido a la revolución verde, los derivados de ésta y la plasticultura.Palabras clave: Acumulación de capital; ciénaga de Chapala; ejido; paisaje agrario; plasticultura. AbstractThe purpose of this study is to show some processes of tranformation of the agrarian landscape, including plasticulture in the swam of Lake Chapala, Mexico, known as “La Ciénaga de Chapala”. The method followed was: to delimit the research object, design the research scheme, identify sources of information, design research instruments, analyze and record information sources, design the exposure scheme and generate the results presentation. Lake Chapala has been transformed by geological and human activity. At the beginning of the 20th century it was mutilated and transformed again by an artificial dam that was the main way to dry it. Subsequently, around the third decade of the twentieth century, the land was divided into ejidos, however, today the ownership of the land is being reconcentrated in a few hands: agricultural entrepreneurs and agroindustry and being transformed once again due to the green revolution, its derivates and plasticulture.Keywords: Agrarian Landscape; Capital Accumulation; Chapala Marsh; Ejido; Plasticulture.

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