From Olson to Veblen: The Stagflationary Rise of Distributional Coalitions

From Olson to Veblen: The Stagflationary Rise of Distributional Coalitions
Nitzan, Jonathan. (1992). Paper read at the annual meeting of the History of Economics Society. Fairfax, Virginia. 1-2 June. pp. 1-75. (Conference Paper / Proceedings; English).

Abstract or Brief Description

This essay deals with the relationship between stagflation and the process of restructuring. The literature dealing with the interaction of stagnation and inflation is invariably based on some explicit or implicit assumptions about economic structure, but there are very few writings which concentrate specifically on the link between the macroeconomic phenomenon of stagflation and the process of structural change. Of the few who dealt with this issue, we have chosen to focus mainly on two important contributors – Mancur Olson and Thorstein Veblen. The first based his theory on neoclassical principles, attempting to demonstrate their universality across time and place. The second was influenced by the historical school and concentrated specifically on the institutional features of modern capitalism. Despite the fundamental differences in their respective frameworks, both writers arrive at a similar conclusion, namely, that the phenomenon of stagflation is inherent in the dynamic evolution of collective economic action, particularly in the rise and consolidation of 'distributional coalitions.'

Language

English

Publication Type

Conference Paper / Proceedings

Keywords

absentee ownership intangible assets big business bonds capital accumulation capitalism collective action collusion corporation credit degree of monopoly distributional coalitions excess capacity finance immaterial wealth income distribution industry inflation institutions interest labour liabilities machine process material wealth neoclassical economics normal rate of return power price profit productivity property sabotage scarcity stagnation stagflation stocks tangible assets technology United States value

Subject

BN Civilization & Social Systems
BN Theory
BN Cooperation & Collective Action
BN Industrial Organization
BN Institutions
BN Power
BN Region - North America
BN Business Enterprise
BN Value & Price
BN Crisis
BN Production
BN Macro
BN Money & Finance
BN Conflict & Violence
BN Science & Technology
BN Ideology
BN Distribution
BN Methodology
BN Agency
BN Capital & Accumulation
BN Micro
BN Labour
BN Growth

ID Code

176

Deposited On

21 June 2005