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The Indian Economy is Heading for a Stationary State*
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June 13th 2022, Prabhat Patnaik
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Adam
Smith and David Ricardo had been haunted by the idea
of capitalism ending up in a "stationary state",
by which they meant a stable state of zero growth. Marx
used the term "simple reproduction" to describe
such a state, where there is no net addition to production
capacity and the economy just reproduces itself at the
same level period after period.
*
This article was originally published in People's
Democracy on June 12,
2022.
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