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The Economic Surplus, The Baran Ratio, And Long Wave Cycles, Thomas E. Lambert
The Economic Surplus, The Baran Ratio, And Long Wave Cycles, Thomas E. Lambert
Faculty Scholarship
This paper briefly outlines the idea and development of the economic surplus concept at the macroeconomic level as opposed to the one in microeconomics often labeled as a Marshallian surplus. Of special interest and focus is the concept as developed and used by heterodox economists. The notion of a residual amount of output or income over and above what is necessary for a society’s consumption (education, housing, food, clothing, health care, transportation, and other necessities of life) that can be used either for further consumption by an elite class, used for reinvestment in productive activities, and/or wasted on unproductive efforts …
British Public Investment, Government Spending, Housing, And The Industrial Revolution: A Study Of Governmental And Social Surplus Absorption, Thomas E. Lambert
British Public Investment, Government Spending, Housing, And The Industrial Revolution: A Study Of Governmental And Social Surplus Absorption, Thomas E. Lambert
Faculty Scholarship
When it comes to the British Industrial Revolution of the 18th Century, much of the mainstream economics literature has tended to focus on how property rights, limitations on the crown or government, and changes in agricultural and manufacturing techniques have caused a great transformation in the nation’s economic formation. Marxian and other heterodox economics views acknowledge these developments but also emphasize the enclosure movement and the development of a class of people that becomes an exploited proletariat. Both sets of views acknowledge the role of the British government in facilitating the Industrial Revolution, but in doing a review for …
The Baran Ratio, Investment, And British Economic Growth And Development, Thomas E. Lambert
The Baran Ratio, Investment, And British Economic Growth And Development, Thomas E. Lambert
Faculty Scholarship
Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in …
Investment, Deficits, And The Transition From Feudalism To Capitalism: An Exploratory Heterodox Analysis And Conjecture, Thomas E. Lambert
Investment, Deficits, And The Transition From Feudalism To Capitalism: An Exploratory Heterodox Analysis And Conjecture, Thomas E. Lambert
Faculty Scholarship
Investment in capital, new technology, and agricultural techniques has not been considered endeavors worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. The capital investment undertaken typically would have been in livestock, homes, or public investment in canals, bridges, and roads, although investment in the latter would have been …