Explain the phrase The Bourgeoisie digs its own grave Whatdoes that m...

Explain the phrase â€The Bourgeoisie digs its own graveâ€. What does that mean in the context...

50.1K

Verified Solution

Question

Economics

Explain the phrase â€The Bourgeoisie digs its own graveâ€. Whatdoes that mean in the context of growth and capital incomeshares?

Answer & Explanation Solved by verified expert

4.4 Ratings (854 Votes)

Capitalists or Bourgeoisie accumulate ever increasing quantities of capital which ultimately leads inexorably to a falling rate of profit ie return on capital and eventually to their own downfall But in this Piketty merely repeats the mistake of various proponents of the productivity theory of interest Unlike common belief and as counterintuitive as it may sound interest is not the remuneration for capitals productivity but merely a reflection of savers time preference As the pure time preference theoristsmost See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Explain the phrase â€The Bourgeoisie digs its own graveâ€. What does that mean in the context...