The Accumulation of Capital

1. Front Matter

   Pages i-xxxvii

   PDF

2. Introduction

   1. Front Matter

      Pages 1-1

      PDF

   2. The Classes of Income

      • Joan Robinson

      Pages 3-14

   3. The Meaning of Wealth

      • Joan Robinson

      Pages 15-24

   4. The Meaning of Money

      • Joan Robinson

      Pages 25-32

   5. Capital and Income

      • Joan Robinson

      Pages 33-40

   6. Consumption and Investment

      • Joan Robinson

      Pages 41-56

   7. The Meaning of Equilibrium

      • Joan Robinson

      Pages 57-60

3. Accumulation in the Long Run

   1. Front Matter

      Pages 61-61

      PDF

   2. A Simple Model

      • Joan Robinson

      Pages 63-71

   3. Accumulation With One Technique

      1. Accumulation With Constant Technique

         • Joan Robinson

         Pages 73-84

      2. Technical Progress

         • Joan Robinson

         Pages 85-100

   4. The Technical Frontier

      1. The Spectrum of Techniques

         • Joan Robinson

         Pages 101-113

      2. The Evaluation of Capital

         • Joan Robinson

         Pages 114-123

      3. The Technical Frontier in a Golden Age

         • Joan Robinson

         Pages 124-131

      4. Productivity and The Real-Capital Ratio

         • Joan Robinson

         Pages 132-138

      5. Accumulation Without Inventions

         • Joan Robinson

         Pages 139-152

      6. A Surplus of Labour

         • Joan Robinson

         Pages 153-158

   5. Accumulation and Technical Progress

      1. Accumulation with Neutral Technical Progress

         • Joan Robinson

         Pages 159-163

      2. Accumulation with Biased Progress

         • Joan Robinson

         Pages 164-172

In this classic work Joan Robinson goes back to the beginning and works out the basic theory that is needed for a coherent treatment of the problems that present themselves in a developing economy. This new edition features a new introduction, which discusses the great significance of Robinson's work.

• economics
• equilibrium
• international trade
• trade

'Classics are classics for a reason. Classics show us that when we flatter ourselves into thinking we have clear title to the ideas we advance, they are really just borrowed from a more eloquent past. Robinson's The Accumulation of Capital shows how difficult it is in economics today to say something that is both new and profound. Her blend of theory and realism is what we all strive for in parsing modern economic problems. Her criticisms of the orthodoxy were enormously productive in that economic methodologies have blossomed to account for inadequacies she pointed out in the equilibrium approach. To Robinson and The Accumulation of Capital we are all deeply indebted, whether we realize it or not.'

Bill Gibson, John Converse Professor of Economics, University of Vermont, USA

'Joan Robinson's most difficult and ambitious book still constitutes a formidable challenge to contemporary theory. Her search for the fundamental but simple principles which underlie the process of growth in a classical Marxian-Kaleckian-Keynesian setting contrasts sharply with the logic and the language of current growth models. Her extraordinary command of logic allowed her to dispense with mathematics, with no loss of clarity and insights. The new Introduction by two leading Robinson scholars provides the thread leading through the labyrinth of case studies and changes in assumptions. It will certainly attract fresh readers to her book, and also lure back those already acquainted with it.'

Maria Cristina Marcuzzo, Professor of Economics, Sapienza, University of Rome, Italy

Joan Violet Robinson (1903 –1983) was an inspirational post-Keynesian economist who was well known for her work on monetary economics, imperfect competition and for fundamental contributions to many other areas of economics. Initially a supporter of the neoclassical school of economics, she became one its fiercest opponents after becoming acquainted with John Maynard Keynes. Joan Robinson was appointed lecturer in economics at the University of Cambridge, UK, in 1937, elected fellow of Newnham College in 1962 and assumed the position of full professor and fellow of Girton College in 1979. She was the first female fellow of Kings College. Joan Robinson's magnus opus The Accumulation of Capital was first published in 1956 and sought to extend Keynes's theory to the long-run issues of growth and capital accumulation.

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