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This Memorandum is an analysis and comparison of the implications of several different but related aggregative models of long-run economic growth. These models differ somewhat in both their ex planations of past economic growth and their pro jections of future growth. The analysis bey examining the variables and relationships stressed by the various models, and the different explanations of the 1929-1960 growth record that these models provide. A general aggregative production function is developed which includes the various models as special cases. The role of growth of the labor supply, of capital for mation, of technological advance, and of rising educational standards is examined within the framework of the models. Finally, the study examines a number of growth projections for the American economy, attempts to evaluate them within the framework provided by the general model, and suggests some of the major uncertainties involved in growth projections. One of the major con clusions of the study is that projections of U.S. growth over the next decade are extremely sensi tive to the economic model used in making those projections, and in particular to the assumed rates of growth of capital stock and total factor productivity. (Author).
This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.
Economic research monograph on the economic theory of production functions and aggregation - includes a bibliography pp. 301 to 307.
This collection of essays is designed to illustrate the variety, complexity and power of non-neoclassical economic thinking. The essays define the fundamental questions differently, employ different analytical tools and arrive at different conclusions. The two strands of non-neoclassical thinking that occupy most of the book are the neo-Keynesian and the neo-Marxian. The bulk of the book is composed of essays on microeconomics, macroeconomics, trade, comparative systems and welfare, with an unusual section on property rights and social hierarchy.
The contributors to this volume analyze the growth experiences of Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of the recently developed endogenous growth theory to provide an understanding of the economic boom in East Asia. The theory explored in this volume attributes the phenomenal economic success of these countries to, among other factors, the role of an outward orientation—a focus on exporting rather than on protecting home markets. In addition, the importance of exchange rate behavior, of the supportive role of government policy, and of the accumulation and promotion of physical and human capital are explored in detail. This collection also examines the extent to which growth in each country became self-sustaining once it began. Demonstrating the relevance of endogenous growth theory for studying this important region, this fourth volume in the NBER-East Asia Seminar on Economics series will be of interest to observers of East Asian affairs.
While dating from post-Classical economists such as Thorstein Veblen and Joseph Schumpeter, the inception of the modern field of evolutionary economics is usually dated to the early 1980s. Broadly speaking, evolutionary economics sees the economy as undergoing continual, evolutionary change. Evolutionary change indicates that these changes were not planned, but rather were the result of innovations and selection processes. These often involved winners and losers, but most importantly, they resulted in actors learning what was and was not working. Evolutionary economics, in contrast to mainstream economics, emphasises the relevance of variables such as technology, institutions, decision rules, routines, or consumer preferences for explaining the complex evolutionary changes in the economy. In so doing, evolutionary economics significantly broadens the scope of economic analysis, and sheds new light on key concepts and issues of the discipline. This handbook draws on a stellar cast list of international contributors, ranging from the founders of the field to the newest voices. The volume explores the current state of the art in the field of evolutionary economics at the levels of the micro (e.g. firms and households), meso (e.g. industries and institutions), and macro (e.g. economic policy, structure, and growth). Overall, the Routledge Handbook of Evolutionary Economics provides an excellent overview of current trends and issues in this rapidly developing field.
This volume on evolutionary approaches to economic development and growth is a member of a family of special volumes that Springer has published on Evolu tionary Economics recently. The present volume has excellent predecessors. There is a special volume on "Evolution in Markets and Institutions", edited by Ulrich Witt, and another on "Evolutionary and Neoclassical Perspectives on Market Structure and Economic Growth", edited by Yannis Katsoulacos. And there are more in the pipeline. The volumes already published reflect the broad ranging interests of evolu tionary economists, and within the scope delineated they are devoted to major research areas of the discipline. The editorial intention behind the venture of special volumes has been to bundle together some of the research areas in order to sharpen the problem focus and to generate research synergies within major research fields. We may, somewhat obviously, define a research field by its research topics. For the present purpose however, we may wish to conceive the research conducted by evolutionary economists as belonging to either a research area that is inspired in its problem perspective by neoclassical economics or to one that is not. The very success of the critique of the neoclassical paradigm relied on a preoccupation with its research scope and questions. Evolutionary econom ics has scored marvelously in challenging major neoclassical stands, and neoclassical economics may never be quite the same in the future.
The author investigates the agenda for transformation in contemporary African development studies: policy studies, strategic studies, international relations and economic diplomacy. With a focus on the capacity dimension, he proposes critical policy and action-oriented recommendations on how to overcome present and future emergencies in Africa.
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