Fix, Blair2022-11-102022-11-102014Putting Power Back Into Growth Theory. Fix, Blair. (2014). Working Papers on Capital as Power. No. 2014/05. 26 December. pp. 1-30. (Article - Working Paper; English).http://hdl.handle.net/10315/39971distribution hierarchy energy growth neoclassical economics power* Winner of the 2014 RECASP Essay Prize * Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper argues that a reality-based growth theory must reject neoclassical principles in favour of a power-centered approach. Building on Nitzan and Bichler’s Capital as Power hypothesis, I argue that hierarchy formation is an integral part of the growth process. I hypothesize that the role of capital accumulation (through profit) is to facilitate hierarchy formation by legitimizing the authority of capitalists.Working Paper