Some Notes for an Analysis of Accumulation

The article deals with the analysis of capital accumulation and growth under the assumption of investment levels determined independently of savings decisions (the ‘Keynesian hypothesis’), and more specifically with the two different views of how, in this theoretical environment, the long-run adjustment of savings to investment should take place. The first position postulates an adjustment through changes in the distribution between wages and profits, with the assumption that the latter are saved in greater proportion. In contrast, no change in income distribution is considered necessary according to the other position, in which the adjustment would be achieved through changes in the level of output together with the size of capacity. After critically examining the first position, the paper elaborates on the second adjustment route.