The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Investment and Accumulation

  • Stephen A. Marglin
Reference work entry


The standard view of accumulation goes something like this. In the short period, fraught with frictions and maladjustments, the demand for investment interacts with the supply of saving, more or less à la Keynes, to determine the growth of the capital stock. Keynesian policies may have fallen into disrepute, but for the short period the representative economist continues to use the tool box developed in the General Theory and its wake: accumulation falls out from the determination of national income.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Stephen A. Marglin
    • 1
  1. 1.