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Handbook of Alternative Theories of Economic Growth
Comprising specially commissioned essays, the Handbook provides a comprehensive overview of alternative theories of economic growth. It surveys major sub-fields (including classical, Kaleckian, evolutionary, and Kaldorian growth theories) and highlights cutting-edge issues such as the relationship between finance and growth, the interplay of trend and cycle, and the role of aggregate demand in the long run.
More Information
Contributors
Contents
More Information
Comprising specially commissioned essays, this Handbook provides an expansive overview of alternative theories of economic growth. It surveys major sub-fields (including classical, Kaleckian, evolutionary, and Kaldorian growth theories) and highlights cutting-edge issues such as the relationship between finance and growth, the interplay of trend and cycle, and stability issues in growth theory.
Included in the text are comprehensive interpretations of subjects such as: the relationship between aggregate supply and demand and long run growth, the interaction of growth and technical change, and international and regional dimensions of growth. Alternative theories of economic growth represent a vibrant and ongoing research effort to understand the macrodynamics of capitalist economies. As such, this Handbook provides a valuable springboard for further research that will continue the development of these theories, inspiring both existing researchers and those new to the field to build upon the body of work the volume represents.
The thought-provoking insights offered by the book’s thorough analysis will provide economists, graduate students, and advanced undergraduate students with a valuable reference.
Included in the text are comprehensive interpretations of subjects such as: the relationship between aggregate supply and demand and long run growth, the interaction of growth and technical change, and international and regional dimensions of growth. Alternative theories of economic growth represent a vibrant and ongoing research effort to understand the macrodynamics of capitalist economies. As such, this Handbook provides a valuable springboard for further research that will continue the development of these theories, inspiring both existing researchers and those new to the field to build upon the body of work the volume represents.
The thought-provoking insights offered by the book’s thorough analysis will provide economists, graduate students, and advanced undergraduate students with a valuable reference.
Contributors
Contributors: R.A. Blecker, G. Duménil, A.K. Dutt, J. Felipe, P. Flaschel, D.K. Foley, J. Foster, B. Gibson, A. Greiner, D. Gualerzi, E. Hein, J.E. King, H.D. Kurz, M. Lanzafame, M. Lavoie, M.A. Léon-Ledesma, D. Lévy, G.T. Lima, J. McCombie, J.S. Metcalfe, T.R. Michl, J.C. Moreno Brid, C.W.M. Naastepad, T.I. Palley, E. Pérez Caldentey, A. Razmi, M. Roberts, N. Salvadori, S. Seguino, M. Setterfield, P. Skott, S. Storm, T. van Treeck
Contents
Contents:
An Introduction to Alternative Theories of Economic Growth
Mark Setterfield
PART I: ALTERNATIVE THEORIES OF ECONOMIC GROWTH: AN OVERVIEW
1. The Structuralist Growth Model
Bill Gibson
2. The Classical Theory of Growth and Distribution
Duncan K. Foley and Thomas R. Michl
3. Evolutionary Growth Theory
J. Stan Metcalfe and John Foster
4. The Post-Keynesian Theories of Growth and Distribution: A Survey
Heinz D. Kurz and Neri Salvadori
5. Growth, Instability and Cycles: Harrodian and Kaleckian Models of Accumulation and Income Distribution
Peter Skott
6. Surveying Short-run and Long-run Stability Issues with the Kaleckian Model of Growth
Marc Lavoie
7. Kaldor and the Kaldorians
John E. King
8. The Paths of Transformational Growth
Davide Gualerzi
PART II: AGGREGATE DEMAND, AGGREGATE SUPPLY AND LONG-RUN GROWTH
9. On Accounting Identities, Simulation Experiments and Aggregate Production Functions: A Cautionary Tale for (Neoclassical) Growth Theorists
Jesus Felipe and John McCombie
10. The Endogenous Nature of the ‘Natural’ Rate of Growth
Miguel A. León-Ledesma and Matteo Lanzafame
11. Reconciling the Growth of Aggregate Demand and Aggregate Supply
Amitava Krishna Dutt
PART III: ECONOMIC GROWTH AND TECHNICAL CHANGE
12. The Classical-Marxian Evolutionary Model of Technical Change: Application to Historical Tendencies
Gérard Duménil and Dominique Lévy
PART IV: MONEY, FINANCE AND GROWTH
13. ‘Financialisation’ in Post-Keynesian Models of Distribution and Growth: A Systematic Review
Eckhard Hein and Till van Treeck
14. Inside Debt and Economic Growth: A Neo-Kaleckian Analysis
Thomas I. Palley
PART V: GROWTH AND DISTRIBUTION
15. Feasible Egalitarianism: Demand-led Growth, Labour and Technology
C.W.M. Naastepad and Servaas Storm
16. Dissent-Driven Capitalism, Flexicurity Growth and Environmental Rehabilitation
Peter Flaschel and Alfred Greiner
17. Profit Sharing, Capacity Utilization and Growth in a Post-Keynesian Macromodel
Gilberto Tadeu Lima
18. Gender Equality and the Sustainability of Steady State Growth Paths
Stephanie Seguino and Mark Setterfield
PART VI: INTERNATIONAL AND REGIONAL DIMENSIONS OF GROWTH
19. Export-led Growth, Real Exchange Rates and the Fallacy of Composition
Robert A. Blecker and Arslan Razmi
20. Trade and Economic Growth: A Latin American Perspective on Rhetoric and Reality
Juan Carlos Moreno Brid and Esteban Pérez Caldentey
21. Endogenous Regional Growth: A Critical Survey
Mark Roberts and Mark Setterfield
Index
An Introduction to Alternative Theories of Economic Growth
Mark Setterfield
PART I: ALTERNATIVE THEORIES OF ECONOMIC GROWTH: AN OVERVIEW
1. The Structuralist Growth Model
Bill Gibson
2. The Classical Theory of Growth and Distribution
Duncan K. Foley and Thomas R. Michl
3. Evolutionary Growth Theory
J. Stan Metcalfe and John Foster
4. The Post-Keynesian Theories of Growth and Distribution: A Survey
Heinz D. Kurz and Neri Salvadori
5. Growth, Instability and Cycles: Harrodian and Kaleckian Models of Accumulation and Income Distribution
Peter Skott
6. Surveying Short-run and Long-run Stability Issues with the Kaleckian Model of Growth
Marc Lavoie
7. Kaldor and the Kaldorians
John E. King
8. The Paths of Transformational Growth
Davide Gualerzi
PART II: AGGREGATE DEMAND, AGGREGATE SUPPLY AND LONG-RUN GROWTH
9. On Accounting Identities, Simulation Experiments and Aggregate Production Functions: A Cautionary Tale for (Neoclassical) Growth Theorists
Jesus Felipe and John McCombie
10. The Endogenous Nature of the ‘Natural’ Rate of Growth
Miguel A. León-Ledesma and Matteo Lanzafame
11. Reconciling the Growth of Aggregate Demand and Aggregate Supply
Amitava Krishna Dutt
PART III: ECONOMIC GROWTH AND TECHNICAL CHANGE
12. The Classical-Marxian Evolutionary Model of Technical Change: Application to Historical Tendencies
Gérard Duménil and Dominique Lévy
PART IV: MONEY, FINANCE AND GROWTH
13. ‘Financialisation’ in Post-Keynesian Models of Distribution and Growth: A Systematic Review
Eckhard Hein and Till van Treeck
14. Inside Debt and Economic Growth: A Neo-Kaleckian Analysis
Thomas I. Palley
PART V: GROWTH AND DISTRIBUTION
15. Feasible Egalitarianism: Demand-led Growth, Labour and Technology
C.W.M. Naastepad and Servaas Storm
16. Dissent-Driven Capitalism, Flexicurity Growth and Environmental Rehabilitation
Peter Flaschel and Alfred Greiner
17. Profit Sharing, Capacity Utilization and Growth in a Post-Keynesian Macromodel
Gilberto Tadeu Lima
18. Gender Equality and the Sustainability of Steady State Growth Paths
Stephanie Seguino and Mark Setterfield
PART VI: INTERNATIONAL AND REGIONAL DIMENSIONS OF GROWTH
19. Export-led Growth, Real Exchange Rates and the Fallacy of Composition
Robert A. Blecker and Arslan Razmi
20. Trade and Economic Growth: A Latin American Perspective on Rhetoric and Reality
Juan Carlos Moreno Brid and Esteban Pérez Caldentey
21. Endogenous Regional Growth: A Critical Survey
Mark Roberts and Mark Setterfield
Index