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What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Von Boehm-Bawerk is one of the leading economists of the so-called Austrian school. With Karl Menger and others, he has contributed to the development of a theory of value which has received wide acceptance, and has been the cause of still wider discussion, in the economic world. This theory, as elaborated by Boehm von Bawerk, is based largely upon psychological principles. Its chief feature consists in a searching analysis of ‘subjective value.’ In his “Capital and Interest”, the author makes a brilliant and original study of these two subjects. “The Positive Theory of Capital” is the successor to the work mentioned above.
The unabridged versions of these definitive works are now available together as a highly designed paperback with flaps with a new introduction by Robert Weick. Part of the Knickerbocker Classics series, a modern design makes this timeless book a perfect travel companion. Considered to be one of the most influential political writings, The Communist Manifesto is as relevant today as when it was originally published. This pamphlet by the German philosophers Karl Marx and Friedrich Engels, published in 1884 as revolutions were erupting across Europe, discusses class struggles and the problems of a capitalist society. After being exiled to London, Marx published the first part of Das Kapital, a theoretical text that argues that capitalism will create greater and greater division in wealth and welfare and ultimately be replaced by a system of common ownership of the means of production. After Marx's death, Engels completed and published the second and third parts from his colleague's notes. The Knickerbocker Classics bring together the essential works of classic authors from around the world in stunning editions to be collected and enjoyed.
Belman and Wolfson perform a meta-analysis on scores of published studies on the effects of the minimum wage to determine its impacts on employment, wages, poverty, and more.
"Wage-Labour and Capital" was derived from Marx's lectures to the German Workmen's Club of Brussels in 1847, during a period of great political upheaval. The relationship between wage labor and capital is a central concept in Marx's political economy analysis. This book is essential for understanding the evolution of Marxist theory.
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The distribution of income, the rate of pay raises, and the mobility of employees is crucial to understanding labor economics. Although research abounds on the distribution of wages across individuals in the economy, wage differentials within firms remain a mystery to economists. The first effort to examine linked employer-employee data across countries, The Structure of Wages:An International Comparison analyzes labor trends and their institutional background in the United States and eight European countries. A distinguished team of contributors reveal how a rising wage variance rewards star employees at a higher rate than ever before, how talent becomes concentrated in a few firms over time, and how outside market conditions affect wages in the twenty-first century. From a comparative perspective that examines wage and income differences within and between countries such as Denmark, Italy, and the Netherlands, this volume will be required reading for economists and those working in industrial organization.
F.W. Taussig, professor of political economy in Harvard University, also authored "Tariff History of the United States, 1789-1888" and "The Silver Situation in the United States."