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Structural Dynamics and Economic Growth
Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by Luigi Pasinetti - emphasizes the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow.
Economic Theory and its History
This collection brings together leading economists from around the world to explore key issues in economic analysis and the history of economic thought. This book deals with important themes in economics in terms of an approach that has its roots in the works of the classical economists from Adam Smith to David Ricardo. The chapters have been inspired by the work of Neri Salvadori, who has made key contributions in various areas including the theory of production, the theory of value and distribution, the theory of economic growth, as well as the theory of renewable and deplorable natural resources. The main themes in this book include production, value and distribution; endogenous economic ...
The Nationalist Dilemma
Nationalists think about the economy, Marvin Suesse argues, and this thinking matters once nationalists hold political power. Many nationalists seek to limit global exchange, but others prioritise economic development. The potential conflict between these two goals shapes nationalist policy making. Drawing on historical case studies from thirty countries – from the American Revolution to the rise of China – this book paints a broad panorama of economic nationalism over the past 250 years. It explains why such thinking has become influential, despite the internal contradictions and chequered record of many nationalist policy makers. At the root of economic nationalism's appeal is its ability to capitalise upon economic inequality, both domestic and international. These inequalities are reinforced by political factors such as empire building, ethnic conflicts, and financial crises. This has given rise to powerful nationalist movements that have decisively shaped the global exchange of goods, people, and capital.
Power in Economic Thought
This book offers a pluralistic vision of the way economists have dealt with the question of power in society over the last two centuries. Economists’ ideas about power are examined from political, theoretical and policy-making points of view, with additional discussion of the active participation of economists in the management of power. The book is organized into four main conceptions of power relations: i) Power as embedded in political institutions; ii) Power as emerging from the asymmetric relations caused by the unequal distribution of income and wealth; iii) Power as associated to the monopolistic or oligopolistic position held by some firms in the market; and iv) Power as the management of economic policies by the state. Mosca brings together contributions from a range of scholars to analyse how economists have considered the role of power, putting the discussion into a much needed historical context.
Money and Markets
This book brings together fourteen essays by leading authors in the field of economics to explore the relationship between money and markets throughout economic theory and history, providing readers with the key to understanding fundamental issues in monetary theory and other important debates in contemporary economics. Addressing this popular and topical area in economic discussion and debate an impressive array of contributors, including Meghnad Desai, Charles Goodhart and John Davis examine the theory, policy and history of economics in the USA, Europe and Japan. The subjects covered include: the history of economic thought money and banking monetary economics poverty modern economic history. This volume is essential reading for postdoctoral researchers and historians of economic thought across the globe.
Long-run Growth, Social Institutions and Living Standards
This engaging book contains a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress. It explores the mutual relationships between living standards, social habits, education an
Liberalism and Cronyism
Political and economic systems either allow exchange and resource allocation to take place through mutual agreement under a system of liberalism, or force them to take place under a system of cronyism in which some people have the power to direct the activities of others. This book, published by the Mercatus Center at George Mason University, seeks to clarify the differences between liberalism and cronyism by scrutinizing the actual operation of various political and economic systems. Examples include historical systems such as fascism in Germany between the world wars and socialism in the former Soviet Union, as well as contemporary systems such as majoritarianism and industrial policy. By examining how real governments have operated, this book demonstrates why—despite their diverse designs—in practice all political and economic systems are variants of either liberalism or cronyism.
The Political and Economic Thought of the Young Keynes
A century ago, John Maynard Keynes entered the Treasury to serve his country during the First World War, but as is well known, appalled by the terms of the end-of-war Treaty of Versailles, he abandoned the British delegation, outlining the predictable adverse results in the Economic Consequences of the Peace, published in 1919. Far less well known is his personal and political development that led him to be called to service even before Great Britain entered the conflict. Starting from Keynes’s early political activity, Carlo Cristiano charts the stages through which Alfred Marshall’s young pupil rapidly rose to be one of his country’s major experts on monetary issues. The very young L...
Revisiting Classical Economics
The financial crisis and the economic crisis that followed triggered a crisis in the subject of economics, as it is typically being taught today especially in macroeconomics and related fields. A renewed interest in earlier authors, especially the classical economists from Adam Smith to David Ricardo and John Maynard Keynes, developed. This book may also be seen as a response to this interest. What can we learn from the authors mentioned, what we could not learn from the mainstream? This volume contains a selection of essays which deepens and widens the understanding of the classical approach to important problems, such as value and distribution, growth and technical progress, and exhaustibl...
Economic Growth and Distribution
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.
