ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economic Growth and Political Equilibrium

Economic Growth and Political Equilibrium V M Dandekar An economy is not a homogeneous entity. It consists of a number of sub-economies engaged in unequal exchange. Within each economy, the production is organised in firms engaged in a competitive struggle to maximise their rates of surplus. Within each firm, the owners of its means of production struggle for a larger share of the surplus. It is through this struggle between the sub-economies, between the firms, and between the owners of the means of production, that the economy moves forward from one period of production to the next. If, equilibrium is a state of tranquillity, economic growth is not a condition of equilibrium.

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