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Author: Stephen A. Marglin
Publisher: Harvard University Press
ISBN: 9780674364165
Category : Business & Economics
Languages : en
Pages : 596
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Book Description
What determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatise analyzes the answers to these questions provided by three major theoretical traditions: neoclassical, neo-Marxian, and neo-Keynesian. Until now, the mutual criticism exchanged by partisans of the different traditions has focused disproportionately on the logical shortcomings of rival theories, or on such questions as whether or not input-output relationships can be described by a continuous-substitution production function. In this book, these are at best secondary issues. The real distinguishing features of the theories, for Stephen Marglin, are their characterization of labor markets and capital accumulation. For clarity, Marglin first sets out the essential features of each theory in the context of a common production model with a single good and a fixed-coefficient technology. He then formalizes the different theories as alternative ways of closing the model. In subsequent chapters he examines the effects of relaxing key simplifying assumptions, in particular the characterization of technology and the homogeneity of output and capital. And although his primary emphasis is theoretical, he does not ignore the problem of empirically testing the theories. Finally, he synthesizes the insights of the neo-Marxian and neo-Keynesian models into a single model that transcends the shortcomings of each taken separately. Marglin anticipates that partisans of the different traditions will agree on one point: each will allow that the book reveals the shortcomings of the other theories but will insist that it fails utterly to reflect the power and majesty of one's own particular brand of truth. Growth, Distribution, and Prices will be controversial, but it will not be ignored.
Author: Stephen A. Marglin
Publisher: Harvard University Press
ISBN: 9780674364165
Category : Business & Economics
Languages : en
Pages : 596
Get Book
Book Description
What determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatise analyzes the answers to these questions provided by three major theoretical traditions: neoclassical, neo-Marxian, and neo-Keynesian. Until now, the mutual criticism exchanged by partisans of the different traditions has focused disproportionately on the logical shortcomings of rival theories, or on such questions as whether or not input-output relationships can be described by a continuous-substitution production function. In this book, these are at best secondary issues. The real distinguishing features of the theories, for Stephen Marglin, are their characterization of labor markets and capital accumulation. For clarity, Marglin first sets out the essential features of each theory in the context of a common production model with a single good and a fixed-coefficient technology. He then formalizes the different theories as alternative ways of closing the model. In subsequent chapters he examines the effects of relaxing key simplifying assumptions, in particular the characterization of technology and the homogeneity of output and capital. And although his primary emphasis is theoretical, he does not ignore the problem of empirically testing the theories. Finally, he synthesizes the insights of the neo-Marxian and neo-Keynesian models into a single model that transcends the shortcomings of each taken separately. Marglin anticipates that partisans of the different traditions will agree on one point: each will allow that the book reveals the shortcomings of the other theories but will insist that it fails utterly to reflect the power and majesty of one's own particular brand of truth. Growth, Distribution, and Prices will be controversial, but it will not be ignored.
Author: Steohen A. Marglin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Duncan K. Foley
Publisher:
ISBN: 0674986423
Category : Economic development
Languages : en
Pages : 417
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Book Description
Authors Foley, Michl, and Tavani offer a major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation.
Author: J.A. Kregel
Publisher: Routledge
ISBN: 1351494856
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
A controversy among economists has raged in the pages of professional journals for the last decade. The debate concerns capital theory and distribution theory, as well as interpretation of models of long-run economic growth. This book is an attempt to integrate recent developments in capital theory and show their implications for models of long-run economic growth in mature capitalistic countries.This book first presents the von Neumann model and outlines its classical approach to the rate of profits and distribution. Sraffa's resolution of the value-price transformation problem is then presented and compared with Samuelson's ""Surrogate Production Function"". With the results of this comparison and the delineation of the special case in which the ""Surrogate"" is valid, several existing models of growth are set out in two representative groups.Neoclassical models form the first group. These are defined by their reliance on marginal theory to determine factor prices, the rate of profit and therefore distribution via the perfectly differentiable production function. Models of Meade, Tobin, Solow, and Samuelson- Modigliani are outlined and analyzed for their treatment and distribution and profits theory. The second group is comprised of models within the strict Keynesian tradition. The basic groundwork of these models as found in the work of Keynes and Kalecki is first cited. The Keynesian models are characterized by their assumption that the investment decision is totally independent of savings decisions in the economy. The models of Harrod, Kaldor, Pasinetti and Joan Robinson are presented and their method of approach to the rate of profits and distribution is analyzed.The concluding chapter focuses on some criticisms brought against the Keynesian models and offers some generalized formulations to deal with these neoclassical objections. General conclusions follow the treatment of each representative group and author.
Author: Lance Taylor
Publisher: MIT Press
ISBN: 9780262700450
Category : Business & Economics
Languages : en
Pages : 316
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Book Description
Structuralist macroeconomics has emerged recently as the only viable theoretical alternative for economists and practitioners in developing countries. Lance Taylor's innovative work represents a landmark in this field. It codifies a new generation of structuralist macroeconomic models that incorporate the economic power relationships of key institutions and groups, integrates both finance and real macroeconomics, and covers a diverse range of experience in the developing world over the past three decades. In an introduction Taylor explains his methodology, describes assumptions underlying the models used, and reviews theories that relate economic growth and the role of financial assets. He then takes up basic structuralist models of a closed economy and moves on to consider the open economy cases. He incorporates the latest developments in the field (inflation, financial crisis, exchange rate management, increasing returns, and the like) in a treatment that departs substantially from economic orthodoxy. Taylor first addresses the question of how to specify "closure" or define the causal structure of macro models. He also considers how income redistribution influences growth and output and how income redistribution interacts with inflation. Next, an investment-driven non-full employment growth model draws on ideas introduced earlier to illustrate how different sorts of macroeconomic policies affect short-run adjustment and growth prospects over time. Taylor then turns to the problems proposed by economic openness in a stylized semi-industrialized country, starting with international trade. A fix-price/flex-price model is developed, and additional models demonstrate cases of policy relevance as well as interactions between class conflict and growth.
Author: Neri Salvadori
Publisher: Edward Elgar Publishing
ISBN: 9781781008218
Category : Business & Economics
Languages : en
Pages : 458
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Book Description
Economic Growth and Distribution isolates and compares the logical structures and methodological underpinnings underlying the relationship between economic growth and distribution. It carries out an in-depth analysis of a wide range of issues connected with growth theory considered from different theoretical perspectives. Its uniqueness is derived from the original contributions by a number of scholars of different persuasions; some within the mainstream and others from Keynesian-Kaleckian-Sraffian positions. The book deals with a wide variety of research topics concerning economic growth and distribution, such as the transition from the epoch of Malthusian stagnation to the contemporary era of modern economic growth; comparisons among the classical tradition, modern theory, and heterodox models; problems of policy; dynamics and business cycles; the role on institutions.
Author: Sidney Weintraub
Publisher:
ISBN:
Category : Income
Languages : en
Pages : 123
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Book Description
Author: Eckhard Hein
Publisher: Edward Elgar Publishing
ISBN: 1783477296
Category : Business & Economics
Languages : en
Pages : 566
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Book Description
In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital co
Author: Nico Heerink
Publisher: Springer Science & Business Media
ISBN: 3642785719
Category : Political Science
Languages : en
Pages : 404
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Book Description
In this book, a model of long-term interrelationships between income distribution, population growth and economic development is developed and estimated from data for 54 countries. The results indicate that a reduction of income inequality leads to lower fertility and mortality, to improvedbasic needs satisfaction, and to lower labour force participation of young and old males and of females in Asia and Africa. The effect of income distribution on saving and consumption is found to be negligible. These outcomes suggest that family planning and health policies in LDCs will show better results when they are supplemented with policies aimed at makingthe poor benefit from economic growth. As regards development policy, the results indicate that a reduction of income inequality does not impair the formation of physical capital, but enhances the formation of human capital and lowers the growth rate of the labour force.
Author: Amitava Krishna Dutt
Publisher: CUP Archive
ISBN: 9780521381772
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
This book presents an international study of economic growth and income distribution, with a focus on North-South differences. The text discusses the topic from a purely theoretical perspective, comparing the relations between economies by using formal mathematical models. Four well-known approaches are discussed: neoclassical, neo-Marxian, neo-Keynesian and Kalecki-Steindl. Models are developed to highlight and contrast the basic features of these approaches. Subsequent chapters systematically introduce inflation, technological change, sectoral issues, and international trade, building upon these simple one-sector models. This book will be of value to anyone with an interest in areas such as developmental economics, growth, trade and political economy.
